There’s a reason Goldman Sachs, not known for being a liberal bastion, has gone on the record of preferring the democrat party’s 2024 presidential nominee, Vice President Kamala Harris’s economic plans over that of the GOP MAGA ex-president and that Moody’s chief economist, Mark Zandi has VP Harris winning the electoral count by 286 points. Then there’s 400 economists who’ve made public their preference of VP Harris’s policies over that of the GOP MAGA ex-president.
Over 400 economists and ex-officials endorse Kamala Harris/ CNN
Too many GOP MAGA politicians, businessmen and pundits are trying to sane-wash the GOP MAGA ex-president’s campaign promise to raise tariffs on goods shipped to the USA from foreign countries by saying that he’s simply wanting to maneuver other nations into becoming more friendly to the U.S, regarding trade deals. But it seems to me that GOP MAGA party’s lawmakers overall appear to be hearing what they want to from Trump even as his rhetoric sharply escalates. They are choosing to be in a state of denial.
As per a September 24, 2024 New York Times report by Michael Gold and Simon J. Levien, “Election Live Updates: Trump Lays Out Economic Proposals:”
Excerpts:
“Former President Donald J. Trump told supporters in Georgia on Tuesday that he would take manufacturing jobs and factories from other countries if elected in November. In a speech on economic policy, Mr. Trump said he would do so by lowering corporate taxes, slashing regulations and granting “free access” to American markets for companies that made products in America, although many economists believe the tariffs he’s proposing would burden lower-income Americans.”
“Trump has made the threat of tariffs central to his promises to lure companies back to America, previously floating tariffs of as high as 20 percent on all U.S. imports. But many economists believe those tariffs would burden lower-income Americans by making goods more expensive.”
“Trump, as he often does, has veered off-topic at this tax policy speech. He’s now discussing immigration and attacking Vice President Kamala Harris for waiting until this week to travel to the U.S. border with Mexico. “She’s trying to con the public that she did a good job at the border,” Trump said, as he criticized the Biden administration over its immigration policy and blamed Harris for the increase in illegal border crossings in recent years.”
Washington Post reveals Trump’s tariffs’ plans…
As per the September 20, 2024 Washington Post report via MSN by Jeff Stein and Marianna Sotomayor, “GOP looks the other way as Trump pushes unorthodox trade:”
Excerpts:
“The gap between what Trump’s advisers recommended and what he ultimately espoused underscores the awkward position Republican lawmakers and many other conservatives find themselves in over the former president’s increasingly unorthodox trade proposals.”
“On Capitol Hill, Republicans who support Trump but oppose his tariffs have downplayed his plans since his first run for president eight years ago, justifying them as necessary to bolster the U.S. position in global trade negotiations. This interpretation has also been popular among the conservative economic advisers close to Trump, who have embraced his tax cuts and pro-business agenda despite his protectionist instincts.”
“Trump floats tariffs “as a tool to get what we want,” Rep. Dan Meuser (R-Pa.) said in an interview. “It’s messaging. But it’s a promise. And that’s why he’s talking about it — to set the tone.”
“But the former president has repeatedly undermined this view of his trade agenda, reiterating in his campaign speeches and proposals that he sees tariffs as a positive force for the U.S. economy rather than as a necessary evil.”
“Trump recently said tariffs “don’t affect our country,” contradicting mainstream economists, and has implausibly claimed they can solve everything from foreign policy crises to inflation.”
“Tariffs are the greatest thing ever invented,” he said Tuesday night in Michigan.”
“After imposing tariffs on roughly $380 billion in imports during his presidency, primarily on China, Trump is now calling for import duties of varying levels on all $3 trillion in U.S. imports — while also suggesting the revenue they bring in could be used to pay for some kind of unspecified national child care program and trillions of dollars in new tax cuts.”
“A handful of Republican senators have expressed their disapproval of Trump’s most aggressive trade proposals, but the party’s lawmakers overall appear to be hearing what they want to from Trump even as his rhetoric sharply escalates.”
“Since leaving office, however, Trump has dramatically intensified his trade rhetoric and proposals, fueling fears a second term would lead to a global trade war that Democrats are highly unlikely to ever back.”
“At the outset of the 2024 presidential race, Trump proposed a 10 percent “automatic” tariff on every U.S. trading partner, targeting all $3 trillion in annual imports. He said on television that he wanted to put a “ring around the collar” of the U.S. economy. In August, Trump suggested that the rate could instead be as high as 20 percent.”
“The nonpartisan Committee for a Responsible Federal Budget estimated the 10 percent universal tariff could raise $2.5 trillion in new federal revenue. A 20 percent tariff would raise significantly more, but not twice as much. That’s because higher tariff rates lead to fewer imports.”
“Since leaving office, however, Trump has dramatically intensified his trade rhetoric and proposals, fueling fears a second term would lead to a global trade war that Democrats are highly unlikely to ever back.”
“At the outset of the 2024 presidential race, Trump proposed a 10 percent “automatic” tariff on every U.S. trading partner, targeting all $3 trillion in annual imports. He said on television that he wanted to put a “ring around the collar” of the U.S. economy. In August, Trump suggested that the rate could instead be as high as 20 percent.”
“The nonpartisan Committee for a Responsible Federal Budget estimated the 10 percent universal tariff could raise $2.5 trillion in new federal revenue. A 20 percent tariff would raise significantly more, but not twice as much. That’s because higher tariff rates lead to fewer imports.”
“There have been some objections: Sen. John Thune (R-S.D.) and other GOP senators have criticized Trump’s plans for an “automatic” 10 percent tariff. One moderate Republican, speaking on the condition of anonymity to talk candidly about the issue, said that Trump’s tariff proposals would only hurt Americans, particularly poorer citizens, because the prices of goods would immediately go up.”
“During a speech in Pennsylvania this month, he said tariffs are “a tax on a country that’s ripping us off and stealing our jobs. … It’s a tax that doesn’t affect our country.”
“At the Economic Club of New York, Trump said tariffs “will combat inflation.” Economists say that even if tariffs lead to more domestic production, that would be the case only by making imports more expensive — which would mean higher inflation.”
“During a presidential debate, Trump responded to a question on tariffs’ impact on domestic consumers by implausibly asserting they would instead raise prices for foreign countries.”
“They aren’t gonna have higher prices. What’s gonna have and who’s gonna have higher prices is China and all of the countries that have been ripping us off for years,” Trump said. “Other countries are going to finally, after 75 years, pay us back for all that we’ve done for the world.”
“While his exact intentions are hard to discern, Trump is leaving little room for interpretation — he clearly plans to use tariffs in a way that most Republicans will ultimately dislike, said Doug Holtz-Eakin, president of the American Action Forum, a center-right think tank.”
“Should we be prepared for a Trump administration to levy across-the-board tariffs? Yes. How big will they be? How disruptive will they be? Who knows,” Holtz-Eakin said. “But Trump is not going to be put under control. He’s making that point.”
Donald Trump’s policy positions, where he stands on key issues/ Washington Post
Gronda Morin 