Trump Proposes Expanded Tariffs, Global Trade Experts Warn of Negative Impact

Former President makes campaign stop in North Carolina, vows to increase tariffs on imports.

"We are going to have 10% to 20% tariffs on foreign countries that have been ripping us off for years, we are gonna charge them 10% to 20% to come in and take advantage of our country because that is what they have been doing," 

Trump said Wednesday at a rally in North Carolina. Trump focused his speech on inflation and the cost of living, issues that are key for voters.

Global trade experts have warned that widespread tariffs harm economies. Economic theory and analysis by the Tax Foundation show higher trade barriers reduce economic output and incomes. Moody's estimates the proposed 10% tariff would result in 2.1 million fewer US jobs and a smaller economy by 2028. WTO Chief Ngozi Okonjo-Iweala called the tariff a "lose-lose" situation, predicting retaliation from trade partners.

Trump had previously proposed a 10% tariff on all imports with 60% on Chinese imports. President Biden has kept many Trump tariffs in place, with increases on targeted items. The Tax Foundation analysis found these tariffs negatively impact the US economy, raising prices and reducing output and employment, costing households an additional $625 on average.