Trump tariffs could hurt US economy
You may have noticed that the Republican presidential candidates are starting to up the ante ahead of the 2024 elections, with one man leading the way in the polls. But with that in mind, the White House issued a statement on Wednesday expressing concern over former President Donald Trump’s proposal to implement new tariffs on all foreign imports, asserting that such a move would adversely affect American working families, disrupt the economy, and contribute to inflation.
According to reports, Trump convened a meeting with his key economic advisors at his private golf club in New Jersey last Wednesday, dedicating two hours to outline an economic plan with a focus on trade for his potential 2024 presidential campaign. This initiative was detailed in an article by the Washington Post on Tuesday.
During the meeting, one of the proposals discussed was Trump’s intention to establish a comprehensive baseline tariff on nearly all imports to the United States, should he be reelected, as outlined in the report.
In response to these developments, White House spokesperson Andrew Bates remarked, “Combining a sweeping tariff tax on the middle class with more trickle-down tax welfare for rich special interests would stifle economic growth and fuel inflation,”
Bates emphasized that President Biden is firmly opposed to such a strategy, citing concerns that it would result in elevated prices and increased inflation. The Biden administration remains committed to collaborating with international allies to address “trade abuses committed by countries like China.”
Source: en.as.com