Trump's universal tariffs would stifle economy, fuel inflation - White House
Reuters
Published Aug 23, 2023 07:38PM ET
By Nandita Bose
WASHINGTON (Reuters) - The White House said on Wednesday former President Donald Trump's proposal to impose new tariffs on all foreign imports would hurt America's working families, damage the economy and fuel inflation.
Trump summoned his top economic advisers to his private golf club in New Jersey for a two-hour dinner last Wednesday night to map out a trade-focused economic plan for his 2024 presidential bid, the Washington Post reported on Tuesday.
Among the ideas they discussed was Trump's plan to enact a universal baseline tariff on virtually all imports to the United States if elected, the report said.
"Combining a sweeping tariff tax on the middle class with more trickle-down tax welfare for rich special interests would stifle economic growth and fuel inflation," White House spokesman Andrew Bates said.
Bates said President Biden "strongly opposes" such a plan, as it would lead to higher prices and higher inflation and the Biden administration is continuing to work with allies against "trade abuses committed by countries like China."
In May, a top U.S. official told Reuters the United States is taking an analytical approach to its review of whether to keep tariffs on Chinese goods in place and will not base outcomes on any "breakthrough" in U.S.-China trade relations.
Biden has sought to stabilize the intense U.S.-China rivalry through high-level official engagement. But at recent fundraising events the president has called its economy a "ticking time bomb" and referred to its leader Xi Jinping a dictator.
A bipartisan majority of Americans favor more tariffs on Chinese goods, according to a Reuters/Ipsos survey published in August.
Trump, Florida Governor Ron DeSantis and former UN Ambassador Nikki Haley have all called for the United States to end permanent normal trade relations with China.
Trump imposed tariffs in 2018 and 2019 on thousands of imports from China valued at some $370 billion at the time.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.