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Former President Donald Trump is doubling down on a plan to boost U.S. manufacturing by imposing steep tariffs on all imported goods, at least 10% across the board, and up to 60% on products from China. Vice President Kamala Harris has called the plan a sales tax on all Americans. Economists tend to agree with Harris as a study by the Peterson Institute for International Economics found that Trump's proposed tariffs could cost the typical American household more than $2,600 a year.
Trump uses interview on economics to promote tariffs on foreign goodsRob Wilson, a financial adviser with Wilson Insight, suggested that the tariffs could lead to a trade war.'The importer pays all of the cost of the tariff,' he said. 'The Customs and Border Administration handles the tariffs, so when the item comes in, the importer has to pay all of those tariffs, and largely they pass that cost onto consumers.
Va. Rep. Don Beyer at DNC criticizes GOP stance, says he is 'instinctively anti-tariff'Trump says that his plan puts Americans first. His campaign claims that 'as tariffs on foreign countries go up, taxes on American workers, families, and businesses can come down.' “Biden's pro-China economic program puts America last and it's killing our country,” Trump said. “My cutting-edge trade agenda will revitalize our economy by once again putting America first.
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