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'Collateral damage': Former GOP finance chair warns Trump tariffs would be a disaster

The article from MSN discusses the potential economic repercussions of former President Donald Trump's proposed tariffs, as warned by former GOP finance chair, Douglas Holtz-Ekin. Trump has suggested implementing a 10% tariff on all imports and a 60% tariff on Chinese goods, aiming to reduce reliance on foreign manufacturing and boost domestic production. However, Holtz-Ekin, now president of the American Action Forum, argues that these tariffs would act as a significant tax increase on American consumers, potentially leading to higher prices for goods, retaliation from trade partners, and a decrease in economic growth. He highlights that such policies could disrupt global trade, harm U.S. businesses that rely on exports, and ultimately result in what he terms "collateral damage" to the economy. The article also notes that while Trump's base might support these measures for their perceived protectionist benefits, the broader economic consensus, including from some within the Republican party, views these tariffs as potentially disastrous.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/collateral-damage-former-gop-finance-chair-warns-trump-tariffs-would-be-a-disaster/ar-AA1w2OY6 ]