Donald Trump 2024 US poll bid proposes ‘harsher’ tax, trade policies with India
Donald Trump's economic agenda for if and when he returns to power to govern the United States after the 2024 US presidential Polls, includes levying harsher trade and tax policies on countries like India and Brazil, if the latter was found imposing higher tariffs on American Goods. The ex-president, Donald Trump, intends to center his economic plans on extending and deepening the Republican tax cuts from 2017, rolling back regulations put forth by President Joe Biden and enacting additional tariffs, according to three people familiar with the discussion.
If a country like India or Brazil had higher tariffs on American goods, Trump would slap an equally harsh levy back on that country — in a move he refers to as “reciprocity." The measures are tenets of Trump’s first-term trade doctrine, defined by the confrontation he stoked with China through a tit-for-tat series of tariffs. His successor, Biden, has kept up the pressure imposed on the world’s second-largest economy with additional measures targeting sensitive technology even as China grapples with economic shocks, including a real estate crisis.
Still, Trump’s nascent second-term proposals are causing angst among many economists and the business community that largely views retaliatory or higher tariffs as a form of taxation on American consumers and businesses. Jacking up tariffs could spur inflation, hurt US manufacturing and prompt other countries to increase their tariffs as well, according to John Murphy, senior vice president for international affairs at the US Chamber of Commerce, was quoted by Bloomberg.
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