Republican presidential candidate Donald Trump promises to support domestic manufacturing by imposing tariffs on all imported goods. Critics warn that it would severely damage the economy and screw up global tensions.
At a campaign event in Tucson, Arizona, in September, Trump was characteristically full of courage. Among other things, he bragged about trashing Kamala Harris at a presidential debate two days earlier and repeated his much-publicized false claim that Haitian immigrants steal and eat pets.
However, an important part of the former president’s speech focused on the economy: he promised to end the “trouble and misery” that Americans have had to endure under Joe Biden.
“With us you get low taxes, low regulation, low energy costs, low interest rates and low inflation,” he asserted. “So that everyone can afford groceries, a car and a nice home.”
Since Trump began his campaign, he has repeatedly blamed the Biden-Harris administration for the cost-of-living crisis.
In Arizona, the former president touted the Republican Party’s usual solution of tax cuts, which would include sweeping across-the-board tax cuts for individuals and businesses as well as tax exemptions for overtime pay, tips and pensions.
However, for this election, Trump has put together a much more populist economic policy program, with which he presents himself as a defender of simple working people and domestic manufacturing companies.
Among the main building blocks of Trump’s “maganomics” are more aggressive tariffs on goods imported from other parts of the world, especially China, and heavy-handed restrictions on immigration. Greater political decision-making power over monetary policy and the dollar is also prominent in the campaign rhetoric.
20%
While at first Trump talked about a 10 percent tariff on all goods, recently he mentioned that the tariff rates could even reach this level.
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