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Trump’s Proposed Tariffs: A Threat to the US Economy and Global Trade Amidst Ongoing China Dispute

ByEditor

Feb 12, 2024
Impact of Trump’s Proposed 60% China Tariffs on the US Economy

In 2016, Donald Trump made his stance on trade with China very clear as he campaigned for the presidency. His platform included a more aggressive approach towards trade with China and resulted in the US-China Trade War being a significant concern during his time in office. Even after Biden took office, his administration quietly continued the Trump tariff regime and implemented even stricter restrictions targeting China’s technology usage, particularly on semiconductors. Now that Trump is looking to get the Republican presidential nomination again, he is proposing even higher tariffs, potentially exceeding 60% on Chinese goods. This raises questions about the impact such tariffs would have on the US economy and global trade, especially for a country still grappling with inflation.

The potential effects of these tariffs are explored in a Bloomberg podcast episode featuring Tom Orlik, chief economist at Bloomberg Economics, and Mackenzie Hawkins, US industrial policy reporter for Bloomberg News. They provide an in-depth analysis of the implications of the proposed tariffs on the US economy and global trade. Key insights from the podcast include discussions on the economic role of tariffs, the impact of tariffs under the Trump and Biden administrations, and the potential impact of increased tariffs on the US economy. It also examines the potential consequences of continued tariff implementation, including effects on clean energy, the electric vehicle market, and global economic cooperation.

As tensions between China and other countries continue to rise due to trade disputes and geopolitical issues, it’s important to understand how these events can affect global economies. The ongoing US-China Trade War has already had far-reaching consequences that have disrupted global supply chains and hurt businesses worldwide. If Trump’s proposed tariffs come to fruition, they could lead to even more instability in international markets

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