Economists debate the pros and cons of former President Trump's proposed 60% tariff on all Chinese imports, which could raise prices on American business and consumers.
Former President Trump's plan to "tax China to build up America" is either a necessary means to protect the U.S. economy or an oppressive tax on consumers and businesses, depending on who you ask. Last month, the presumptive GOP presidential nominee rolled out a plan to eliminate China's most favored nation trade status and impose universal baseline 10% tariffs on imports.
Another argument Trump has advanced in favor of tariffs is that they would bring in "trillions and trillions of dollars" in government revenues from foreign countries, which could be invested in "American workers, American families and American communities." A recent analysis by the nonpartisan Committee for a Responsible Federal Budget confirmed that a 60% tariff on Chinese imports would generate about $2.4 trillion in revenues over the next decade — but with a major caveat.
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