Economists say Trump could give Americans the very thing they voted against
Business InsiderNOV 2024
DonaldPres.-elect Trump’'s bold tariff strategy offers both a transformative vision for the US economy and a strong tool to achieve foreign policy goals. He aims to revitalize American manufacturing, protect domestic jobs, and counter unfair trade practices from nations like China. RaisedThese tariffs will create a fairer global market, penalizing countries that exploit the system while favoring US workers. Moreover, the revenue from tariffs could fund critical initiatives while incentivizing companies to invest at home.
Donald Trump has primed an economic time bomb that would devastate US industries, inflate consumer prices, and shatter global supply chains. His punitive taxes risk retaliation, skyrocketing costs, and widespread job losses in industries reliant on integrated North American and global trade. His plan undermines existing trade agreements, destabilizes diplomatic ties, and ignores the reality that tariffs are paid by US consumers and businesses. This short-sighted policy guarantees economic pain while solving no problems.
There is a 50% chance that the Trade Openness Index for the United States in 2030 will be 29.9, according to the Metaculus prediction community.