What A Day
Trump's Plan To Make Us Pay More
Nov 19, 2024
Stacey Vanek Smith, a Senior story editor at Bloomberg Audio with a sharp focus on economics, discusses the implications of Trump's proposed tariffs. She reveals how a 10% tariff on imports could hit American households hard, potentially adding $2,600 to yearly expenses. The conversation dives into the historical context of tariffs, balancing their benefits against costs for consumers. Additionally, they touch on the current political climate, from immigration policies to the influence of social media on news consumption.
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Quick takeaways
- Trump's proposed tariffs on imported goods could lead to an average annual cost increase of $2,600 for U.S. households.
- The interconnected nature of global supply chains means that tariffs may inadvertently raise prices and diminish the quality of products for consumers.
Deep dives
The Economic Impact of Tariffs
Tariffs are taxes imposed on imported goods, which Donald Trump has pledged to increase significantly. For instance, Trump has suggested a 60 to 100 percent tax on imports from China. This move aims to encourage Americans to buy domestic products by making foreign goods more expensive; however, it may inadvertently raise prices for everyday consumers. The Peterson Institute for International Economics estimates that such tariffs could cost the average American household about $2,600 annually due to higher prices on imported products.
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