WaPo (archived) - ‘Off the charts:’ How Trump tariffs would shock U.S., world economies

If implemented, the former president’s tariff plans would lead to higher costs, stock market volatility and feuds with the rest of the world.

By Jeff Stein and David J. Lynch
October 16, 2024 at 6:00 a.m. EDT

Former president Donald Trump is campaigning on the most significant increase in tariffs in close to a century, preparing an attack on the international trade order that is likely to raise prices, hurt the stock market and spark economic feuds with much of the world.

Trump’s trade plans, a staple of his stump speeches, have fluctuated, but he consistently calls for steep duties to discourage imports and promote domestic production. The former president has floated “automatic” tariffs of 10 percent to 20 percent on every U.S. trading partner, 60 percent levies on goods from China, and rates as high as 100, 200 or even 1,000 percent in other circumstances.

These proposals would go far beyond the disruptive trade wars of his first term even if they are only partially implemented. They would wrench the nation out of the system of global interdependence that arose in recent decades, making the U.S. economy much more isolated and autonomous, like it was in the late 19th century. (Trump last week falsely claimed that the United States was never richer than in the 1890s, when it had high trade barriers.)

“To me, the most beautiful word in the dictionary is tariff. And it’s my favorite,” Trump said in Chicago on Tuesday. “I'm a believer in tariffs.”

The consequences would be far-reaching: Americans would be hit by higher prices for grocery staples from abroad, such as fruit, vegetables and coffee. Domestic firms dependent on imports would need to either figure out new supply chains or raise costs for consumers. U.S. manufacturers would almost certainly see sharp declines in orders from abroad as foreign nations impose retaliatory tariffs.

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