Tariff Man could be back in the White House next year – and he’s promising the sequel will be even bigger than the original.
Former President Donald Trump, who labeled himself “Tariff Man” in 2018, has made clear he wants to pursue a more aggressive trade strategy if he’s elected in November. Trump has floated a 10% across-the-board tariff on imports, a 60% tariff on imports from China and a 100% tariff on foreign cars – including from Mexico.
Trump’s proposals, if enacted, could easily set off a new trade war with China and potentially other nations, too.
Some economists are warning Trump’s trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors.
In a worst-case scenario, economists fear these policies could set the stage for a recession.