Trump’s tariffs could tank the economy

Question

Trump's proposed tariffs are previewed to increase consumer prices by as much as 5.1% by placing tariffs on all imported goods, and specifically a 60% tariff on all imports from China. It seems that by placing these tariffs, the companies importing foreign goods will only mark up their prices more to deal with the extra tax on whatever they are selling. Seems that many businesses will be hurt by this action and negatively affect them, therefore negatively affecting our economy, possibly diminishing economic growth by 1.4%. The Supreme Court may or may not allow him to do this, as tariffs are seen largely as a power of the president, and because by vetoing this from him it may invite the Democratic Party back into power.

Answer 1

The claim that Trump's tariffs could tank the economy is indeed true. The Vox article discusses Trump's proposition to tax 10-20% on all imports and a 60% tariff on imports from China which will then increase consumer prices and inflation. The author cites trusted articles and reports such as The American Presidency Project and The Budget Lab. All these sources are reliable, safe, and well-researched to support the conclusion that the economy will tank due to Trump's tariffs.

Answer 2

The claim that Donald Trump's proposed tariffs could tank the economy is true. Looking at the Vox article that is linked, they cite to original reports from both The Budget Lab and the Peterson Institute for International Economics (PIIE), which are both highly reputable sources. Many other trusted sources are reporting the same claim as well, such as Business Insider and BBC. Ultimately, these reliable sources are reporting that economists unanimously agree that if the Republican-heavy Supreme Court were to pass the proposed tariffs Trump has in mind, the only realistic outcome would be a higher cost of goods.

Comments

This is a very strong analysis regarding the claim of Trump's tariff policy, especially when taking into account The Budget Lab's use of prior scholarship and chart data of cross-case analysis to strengthen their argument about the effect of Trump's tariffs. Good use in mentioning reports by the Peterson Institute for International Economics as well as they also dissect each policy and use methods of social science with chart analysis of correlating data over time.

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When considering The Budget Lab's use of previous research and cross-case analysis chart data to support their argument about the impact of Trump's tariffs, this is a very good explanation of the policy's claim. Good use of the Peterson Institute for International Economics studies, which analyze each policy and use social scientific techniques with the use of charts of data correlation across time.

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I like how you used many reputable sources from both classic news sources and economic reports. I do wish you did include like the BBC and Business Insider articles that you referenced.

Answer 3

The claim that Donald Trump's proposed tariffs could increase consumer prices and negatively impact the economy is true. The Vox article highlights that Trump's proposed tariffs could raise consumer prices by as much as 5.1% and impose a 60% tariff on all imports from China. The Tax Foundation explains that while protected businesses may grow due to tariffs, they are not low-cost producers, leading to reduced economic output and lower incomes over the long run. Additionally, tariffs shrink the economy by reducing work and investment, as higher prices for imported and protected goods leave consumers with less income to spend elsewhere. Researchers from the BBC found no substantial positive effects on overall employment in U.S. industrial sectors that were protected by Trump's first-term tariffs. Ultimately, these reliable sources indicate that the proposed tariffs are likely to increase consumer prices and negatively impact economic growth.

https://taxfoundation.org/blog/trump-tariffs-impact-economy/

https://www.bbc.com/news/articles/c20myx1erl6o

Answer 4

Yes, it is highly likely that Trump's proposed tariffs on China and Mexico will negatively effect our economy. According totaxfdoundation.org, a group who gathered 12 macroeconomicists, they say that when Trump imposes these tariffs, China and Mexico will retaliate with tariffs of their own. Due to this, US producers will sell less products abroad due to a higher tax on their product. Consequentially, more US sellers will lose money and on potential profits due to these new tariffs.