A new analysis by the Peterson Institute suggests that former President Donald Trump's proposed tariffs and deportation policies could significantly harm the U.S. economy, leading to job losses, soaring inflation, and a lower GDP.
Republican presidential nominee former President Donald Trump speaks at a campaign event in Mint Hill, N.C., Wednesday, Sept. 25, 2024.
In the best-case scenario, where only 1.3 million undocumented workers are deported and the former president avoids a global trade war, employment would fall by 2.7% in four years relative to a baseline forecast, according to the paper. At the same time, inflation would steadily climb to 6% in two years, the researchers found. Eventually, consumer prices would be 28% higher by 2028, and the GDP would be 2.8% lower than otherwise by the end of Trump's four-year term.
“We find that ironically, despite his ‘make the foreigners pay’ rhetoric, this package of policies does more damage to the U.S. economy than to any other in the world,” researchers Warwick McKibbin, Megan Hogan and Marcus Noland The National Desk reached out to the Trump campaign for comment on the Peterson Institute study and will update this article if we receive a response.on John Deere if the company goes ahead with plans to lay off employees and shift manufacturing across the southern border to Mexico.
If Trump seeks to impose higher levies on John Deere over their move, then he'll likely have to repeal the agreement, which would require Congressional action.on such economic restrictions without approval from lawmakers. He made that argument during his stop in Pennsylvania, telling the audience he doesn't need Congress but that "they'll approve it" anyway.
His tariffs on Chinese imports, for instance, depended upon a law that was passed 45 years ago, which President Joe Biden also used to apply tariffs on Beijing. The Trump administration levied tariffs on thousands of products valued at approximately $380 billion in 2018 and 2019, according to an analysis by the nonprofit Tax Foundation.Some analysts argue economists who dismiss higher levies are not focusing on the benefits.
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