Economists are worried Trump will cause 'rising inflation and slowing growth': report

President Joe Biden oversaw the United States economy's recovery from the global pandemic, which included lowering unemployment and a slow reduction in inflation. Economists are concerned that all of that will be undone under Donald Trump.

Fortune reported that more than 200 economists were questioned about the future of the U.S., and many confessed a fear of "rising inflation and slowing growth."

In their report, the Financial Times and the University of Chicago School of Business referred to it as "Maganomics," and characterized Trump's policies as inflationary.

Also Read: How an economic crash could line Trump's pockets

The Trump tariff plan is the first among the concerns for the economy. During his campaign, Trump said he would increase all tariffs on incoming goods to the tune of 60%. Meanwhile, tariffs from Canada and Mexico could potentially be about 10-25%.

Approximately 50 economists were surveyed specifically about the U.S., and "more than half view Trump’s policies as ultimately having 'some negative effect' on the economy, while a further 10% forecast a 'large negative effect' on the thus-far surprisingly resilient market."

However, some still believed that the "free-market approach" and further GOP tax cuts could boost consumer spending and confidence.

Still, the report said that there was more optimism about the U.S. economy than its counterparts.

About 72% told FT that they fear "some negative repercussions" will impact Europe.

Read the full report here.