Incoming trade advisor Peter Navarro asserts that tariffs implemented by President-Elect Donald Trump will not contribute to inflation, citing previous tariff measures that had no inflationary impact. Navarro dismisses concerns raised during Trump's first term, pointing to research that shows no correlation between Trump's tariffs and the recent record-high inflation under President Joe Biden. Business surveys also indicate that executives anticipate no significant cost increases due to potential new tariffs.
Tariffs planned by President-Elect Donald Trump next year will not spike inflation, incoming trade advisor Peter Navarro says.
“We put on significant tariffs on China — steel, aluminum, dishwashers, solar, a lot of increased countervailing duties to stop the dumping. We had zero inflation from any of that,” Navarro “So I would say that just go back and play all the interviews that were done on CNBC of people back in the first term with their hair on fire, worrying about inflation,” Navarro continued. “It never happened, and it’s the same movie this time.”
Indeed, as Breitbart News has chronicled, research has continuously shown that tariffs on foreign imports under Trump are unrelated to inflation that reached record highs under President Joe Biden following the passage of the Inflation Reduction Act.“The timing of the tariffs clearly shows no correlation with inflation, and eliminating tariffs could not plausibly restrain it,” EPI researchers write.
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