Mary Lovely, a senior fellow at the nonpartisan Peterson Institute for International Economics, indicated that Trump's proposed tariffs could swiftly impact imports from China, potentially raising consumer prices.
Trump's claims that his high tariffs would not affect consumer prices and would merely tax foreign manufacturers seem optimistic, especially given previous tariffs that did result in price increases.
Lovely emphasized, "Nothing is taxed at 60% right now, so every sector is vulnerable to seeing higher tariffs," which raises concerns over the broad economic implications.
Experts warned about the uncertainties in implementation, suggesting the 60% tariff might not materialize and predicting a more modest approach could save consumers from steep price hikes.
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