Former President Donald Trump sought to offer a more detailed economic message in a speech Thursday in New York — and paid special attention to his oft-criticized program for a new wave of tariffs on US imports from around the world.
Trump has previously proposed to levy tariffs of 10% to 20% on US trading partners with higher 60% rates on China. It's a plan that economists have been worried for monthsThe former president also offered a wide array of other ideas in the nearly 80-minute speech and question and answer session.
"We saw that during our last administration and I suspect you will see some kind of a combination of both this time too."to get his tariffs done quickly in 2025 and at higher levels than his previous term if he wins. One previously unutilized option is a 1977 law called the International Emergency Economic Powers Act, which allows the president to declare an economic emergency and act accordingly.
The analysts wrote that Harris in the White House could lead to “a very slight boost to GDP growth on average over 2025-2026.” But Trump victory scenarios would hit the GDP in large part because of a ”hit to growth from tariffs.” Yet, Trump again and again returned to the tariff topic during Wednesday’s speech as a linchpin of his potential second-term agenda.
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