US elections: What if Donald Trump wins? What's at stake for America's economy?
Donald Trump and Vice President Kamala Harris are locked in a fierce battle as the US will vote on November 5, set to be one of the most important economic and political events in recent history. These elections are a pivotal moment in US history which could have massive implications for how the country is governed and for the future of the post-war order that Washington has helped build.
The biggest question now remains- Will Kamala Harris become the first woman President of the United States or would Trump win? What if Trump becomes the President once again after US election results next month?
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What Trump victory means for US economy?
Tariffs to be imposed: While campaigning for a second term in the White House, Donald Trump made a series of promises about revitalizing the US economy. His message centers on a radical shift in trade policy, plans to eliminate taxes on tips and Social Security benefits, and a proposal to significantly reduce the corporate tax rate. Trump has insisted these measures will not only help in restoring employment opportunities but also cool down inflation.
According to a report in The Time, Trump's plans include a universal tariff of 10% to 20% on all imports and as high as 60% on goods from China. He underscored that imposing tarrifs will protect jobs of Americans and industries, claiming they will incentivize domestic production and reduce reliance on foreign goods. Trump in his first
