Both Biden and Trump share common ground on tariffs. Policymakers argue tariffs can protect domestic industries but may also result in higher prices.
President Joe Biden and former President Donald Trump share common ground on tariff policy. But some policymakers argue that while tariffs can protect and help grow domestic industries, they can also lead to higher prices for Americans.
"The economics on tariffs are really clear that they're a tax increase that ultimately we pay," Erica York, senior economist and research manager with the Tax Foundation's Center for Federal Tax Policy, told CNBC."But the politics on them are actually really favorable because the tariff is this policy tool that lets a politician say, 'Hey, we're going to punish foreign producers, we're going to protect domestic producers.
A study from the Federal Reserve Bank of New York found that Trump's 2018 U.S. tariffs cost the typical household an additional $419 per year."If you look at Trump, he started the trade war with China by imposing around 25% tariffs on certain items, and now he is saying that elected, he will try to increase the tariffs to 60%," Christopher Tang, global supply chain professor and business administration chair at the UCLA Anderson School of Management, told CNBC.
"When he was running for presidency in 2020, he said that if he was elected he would actually remove the tariffs imposed by President Trump. But he didn't," Tang told CNBC.
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