Trump’s Ideas Worse On Inflation, Manufacturing And The Deficit: Economists
HuffPost
The Wall Street Journal’s periodic survey showed widespread skepticism about the former president’s tariff proposals.
Former President Donald Trump’s plans to pump up American manufacturing and cut taxes would result in higher inflation, fewer factory jobs and a bigger budget deficit, according to a survey of prominent economists.
Of 50 economists in a Wall Street Journal survey, 68% said Trump’s policies would mean inflation would likely be higher, while only 12% said that about Vice President Kamala Harris’ proposals.
The survey is taken quarterly and includes economists from Wall Street, business and academia, the Journal said Monday. The outlet noted that 66 economists sent in responses this time, but not all of them answered every question.
Trump has proposed a broad tariff on goods brought in from other countries to be sold here of 10% up to 20%, as well as a higher tariff on Chinese goods of 60%. A vast majority of economists agree that the higher tariff charges on importers would be passed on to consumers, and many believe that if the charges were enacted they could spark retaliatory tariffs against U.S. goods sold abroad.
In a related question, 61% of the economists polled said interest rates would also move higher under Trump.
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