Donald Trump's proposal to put tariffs on countries he says 'have been ripping us off' would hurt consumers, according to economists.
Prominent economists have warned Donald Trump's plan to impose a flat 10 percent to 20 percent tariff on countries he says 'have been ripping us off' would cause prices to rise for American consumers and hurt U.S. businesses while likely triggering retaliatory tariffs.Trump has long argued foreign countries have been unfairly taking advantage of the U.S. on trade.
Those countries targeted with a tariff will suffer a reduction in exports, but U.S. consumers and firms importing intermediate products will also suffer due to the increase in the cost of imports which could be substantial.'If the idea is to expand domestic production of goods so as to benefit U.S. workers, not much expansion can be achieved in an economy such as the U.S. that is close to full employment. Any attempt at a major domestic expansion will instead increase inflationary pressures.
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