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 Harris en Trump over economie infographic
Graphic shows estimates of the effect of Donald Trump’s trade tariffs by the Tax Foundation.
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Economie VS onder Trump of Harris

By Duncan Mil

October 1, 2024 - Donald Trump and Kamala Harris offer strikingly different visions of the economy they’d seek to build after winning the presidency, according to calculations by the Washington-based Tax Foundation.

Former President Trump asserts that tariffs -- basically import taxes -- will create more factory jobs, shrink the federal deficit, lower food prices, and allow the government to subsidize childcare.

“Tariffs are the greatest thing ever invented,” Trump said on September 17 in Flint, Michigan. Trump said he would slap a 200% tariff on cars imported from Mexico, “which means they’re unsellable.”

This week, a report from Bloomberg Economics concludes that Trump’s tariff plan would wipe 0.8% from GDP and push prices up 4.3% by 2028 if China alone retaliates. If other countries also hit back, those numbers go to -1.3% for GDP and 0.5% for prices.

The Biden administration maintained most of Trump’s tariffs, except for the suspension of specific tariffs on imports from the European Union.

An earlier report from the Tax Foundation estimated that Trump-Biden tariffs reduced long-term GDP by 0.2 per cent, the capital stock held by corporations by 0.1 per cent, and employment by 142,000 full-time equivalent jobs.

The Tax Foundation points out that during Trump’s first administration, between 2017 and 2021, Trump imposed several rounds of tariffs on steel, aluminium, washing machines, solar panels, and goods from China, affecting more than $380 billion worth of trade between 2018 and 19 and amounting to a tax increase of nearly $80 billion.

Sources
PUBLISHED: 01/10/2024; STORY: Graphic News; PICTURES: Getty Images
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