Donald Trump says he can stabilize prices. Does his plan make sense?
David Lightman | (TNS) McClatchy Washington Bureau
WASHINGTON — Will Donald Trump’s plans to impose steep taxes on foreign goods and services mean more inflation? It sure looks that way.
Though inflation has slowed considerably, polls consistently show voters are frustrated about high prices. The cost of living increased at its highest rate in 40 years during 2022.
Trump keeps hammering away at the Biden administration — and Democratic presidential nominee Kamala Harris — saying their policies helped elevate cost of living. They’re the reason, he says, that people are paying $5 a gallon for gasoline, the $4 a carton for a dozen eggs and so on.
Prior to the holiday weekend, the campaign sent an email saying, “As Americans hit the road this Labor Day weekend, they have Kamala Harris to thank for sky-high prices.” A Trump ad in battleground states charges “two-thirds of Americans are struggling to make ends meet.”
Higher tariffs, higher prices?
Trump’s plans for the economy include higher tariffs, or taxes on foreign imports. He’s suggested a 10% tariff on imports from other countries, with tariffs reaching 60% tariff on all imports from China.
