11/13/2024

Businesses Brace Themselves for Trump’s Tariffs

It’s all but certain tariffs will soar with Trump’s return to office

Global trade could get reshuffled if President-elect Donald Trump’s tariff proposals are enacted, with business owners and consumers likely to foot the bill.

Trump has called tariffs “the most beautiful word” in the dictionary and has proposed to hike tariffs across all imports in the realm of 10 to 20 percent, plus a 60 percent tariff increase on Chinese goods.

His logic is that raising tariffs will swell funding for the government, promote American innovation and prompt more companies manufacture domestically. But that logic is faulty according to conventional economic thinking.

Please select this link to read the complete article from Inc.