Tariffs, tax cuts, energy: What is in Trump's economic plan?

His tariff plans promise economic benefits, but economists warn they could raise consumer prices, increase inflation, and disrupt global trade

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.The US Republican presidential nominee, former president Donald Trump, addresses a campaign rally at the Butler Farm Show grounds on October 05, 2024 in Butler, Pennsylvania.

The pitch is for tariffs to add billions in revenue and take aim at countries like China which have been “ripping us off,” while pushing businesses to bring production back on US shores. “To me ‘tariff’ is a very beautiful word,” Trump said in a Fox News interview broadcast on Sunday. “It’s a word that’s going to make our country rich again.”Despite what Trump often asserts, it is US businesses — not foreign governments — that pay import taxes on overseas purchases when there are tariffs on such goods, and they can pass on the higher costs, which could add to inflation.

Previously, businesses bore the brunt as imported components got costlier, said Kyle Handley, professor at UC San Diego. But Handley estimates the supply chain frictions exporters faced were equivalent to a two to four percent tariff hit — and companies tell AFP they have had to pass on some costs. While the added tariffs would raise some $500 billion in revenue annually, rerouted trade from China could eventually slash this figure closer to $200 billion annually, Yaros said.

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