Former President Donald Trump's plans would bring about economic ruin and hardship for millions of Americans, wrote Peter Harrell of the Carnegie Endowment for International Peace.
At particular issue is Trump's plan to enact sweeping tariffs on imported goods across the board — something that has been widely panned by economists as a disastrous idea — and perhaps to even use these tariffs to replace the revenue from income taxes outright.
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Tariffs aren't always a bad idea, argued Harrell in The Atlanta Journal-Constitution, one of the largest papers for the battleground state of Georgia. The Biden administration has enacted some against Chinese automobiles out of fear of unfair trade practices.
"But that is not what Trump is talking about," he said. "Only 15% of all American imports come from China. The other 85% that Trump says he plans to tax comes from the rest of the world — including close American allies. Many of these goods the United States has no choice but to import: The United States simply doesn’t grow much coffee. Under Trump, the price of your morning cup will go up."
"Imports are not a boogeyman," Harrell continued. As one example, "Many medicines we rely on were invented in Europe. Though European companies can make some of them here, the United States is going to have to keep importing others. Trump’s planned 10%, 20% or 60% tariffs — he proposes a different rate depending on the interview — will raise food and drug costs. Indeed, economists have found that Trump’s tariff plans will cost families between $2,600 and $4,000 per year."
Trump has faced questions for years on his understanding of how tariffs work, including when he enacted them as president.
All of this stands in stark contrast to Vice President Kamala Harris, wrote Harrell, who has a workable plan to boost U.S. manufacturing, "by establishing new tax credits to encourage investment in key U.S. industries."
"This will build on the policies that have attracted tens of billions of new manufacturing investment to Georgia over the past four years," he said. "Harris’ plan will bring down costs while providing a new generation of good-paying, high-quality jobs."