Economists weigh pros and cons of Trump plan for 60% tariff on China
foxbusiness.comDan Savickas, director of policy for the Taxpayer's Protection Alliance, spoke to FOX Business about former President Trump's proposed 60% tariff on Chinese imports and the effects of tariffs on American consumers.
Former President Trump's plan to «tax China to build up America» is either a necessary means to protect the U.S. economy or an oppressive tax on consumers and businesses, depending on who you ask.
Last month, the presumptive GOP presidential nominee rolled out a plan to eliminate China's most favored nation trade status and impose universal baseline 10% tariffs on imports. In private, Trump has even floated tariffs as high as 60% on Chinese goods, according to the Washington Post.
Trump argues that high tariffs are needed to reward domestic manufacturers and punish foreign companies who «export American jobs.»
«Joe Biden claims to support American manufacturing, but in reality, he is pushing the same pro-China globalist agenda that ripped the industrial heart out of our country,» he said in a policy video released in February.
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Former President Trump speaks during a «Get Out The Vote» rally in Greensboro, North Carolina, on Saturday, March 2, 2024. Trump has proposed a universal 10% tariff on imports. (Al Drago/Bloomberg via Getty Images / Getty Images)
«Very simply, the Biden agenda taxes America to build up China,» Trump said. «My agenda will tax China to build up America.»
However, not all economists are on board. Many argue that tariffs are simply a tax on imports ultimately paid by American consumers. Others, who support Trump's policies, say tariffs can have immense national security benefits while costs are
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