President-elect Donald Trump’s proposed tariffs have sparked concerns among Americans about potential inflation, with 74% of polled respondents believing the tariffs would lead to higher prices. Trump campaigned on strong economic policies, including tariffs on countries like China and Canada, but experts warn that these plans could cause prices to rise across various sectors.
The National Retail Federation predicts a $46 billion to $78 billion loss in purchasing power due to the tariffs, while a Peterson Institute for International Economics estimate suggests middle-income families could face annual losses of at least $2,500. Finance expert Kevin Thompson notes that higher import costs would lead to increased prices, contributing to inflation.
Trump has already imposed tariffs on solar panels and washing machines during his previous presidency, but it remains to be seen whether the new tariffs will gain bipartisan support in Congress. Experts caution that the political climate and congressional priorities will play a significant role in determining the success of Trump’s tariff plans.
Source: https://www.newsweek.com/donald-trump-bad-news-tariff-plan-inflation-poll-2001523