Trump promised massive tariffs on imports but how he’ll pull it off is still being figured out
CNN
Just days after winning a comeback election, President-elect Donald Trump is evaluating how his campaign promises might translate into policy. When it comes to rolling out the broad-based tariffs that he pledged on the campaign trail, the strategy is not yet formed, multiple sources familiar with the matter told CNN.
Just days after winning a comeback election, President-elect Donald Trump is evaluating how his campaign promises might translate into policy. When it comes to rolling out the broad-based tariffs that he pledged on the campaign trail, the strategy is not yet formed, multiple sources familiar with the matter told CNN. “The vision is there, but the game plan is not,” said one source close to the discussions, noting major decisions about how to pursue these strategies – and the personnel executing them – have yet to be made. Economic experts say the cost of the tariffs is expected to be passed along to consumers rather than being borne by companies who are producing goods broad. As a candidate, Trump pledged to slap 60% tariffs on all goods coming in from China and 10% tariffs on goods imported from all other countries. While aides say those pledges weren’t campaign bluster, there are still questions about how to pursue them, through what legal authorities and when. Among those advising Trump on economic issues before he makes critical appointments, a clear strategy has emerged: Link the increased China tariffs to tax reform negotiations expected to reach a head in 2025. “The way that President Trump looks at tariffs are not in isolation. They are a fundamental and core part of his broader economic strategy, which also includes tax cuts, deregulation, energy diversity,” says Kelly Ann Shaw, a former Trump official who is now a partner at law firm Hogan Lovells. Much of the landmark legislation from Trump’s first term – the 2017 Tax Cut and Jobs Act – is set to expire at the end of next year, with congressional Republicans already working on how to extend or make it permanent. Trump’s economic advisers – and the president himself – view the forthcoming tariff revenue as a way to offset that cost.
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President-elect Donald Trump is reveling in his victory and the subsequent celebration, being described as having a much different mentality than he did in 2017 and feeling like his popular vote win gives him a mandate as he speaks with world leaders, top aides and allies, business CEOs and his transition team.