Trump's Tariff Proposal Under Fire By Nikki Haley: 'He's Going To Raise Every Household's Expenses By $2,600 A Year'

Former South Carolina Governor Nikki Haley has publicly criticized the proposed tariffs by her Republican rival and former President Donald Trump. The proposed tariff plans have sparked concerns among Wall Street investors, who are major donors to Haley’s presidential campaign.

What Happened: Haley, a Republican presidential candidate, voiced her opposition to Trump’s tariff plans on CNBC’s Squawk Box on Monday, reported CNBC. Trump has proposed a 10% tariff on all imported goods, a move that Haley believes would significantly increase the financial burden on American households.

“This is a man who now wants to go and put 10% tariffs across the board, raising taxes on every single American. Think about that for a second,” Haley said.

"What Donald Trump's about to do, is he's going to raise every household's expenses by $2,600 a year.”

Trump’s plan also includes a 60% tariff on all imports from China, a move that has further raised concerns.

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Trump’s trade war with China during his presidency is estimated to have cost 245,000 American jobs, according to the U.S.-China Business Council.

Despite the concerns, Haley’s campaign has continued to gain support from Wall Street donors. The campaign recently raised $4 million and has over 10 high-dollar fundraisers scheduled in the coming weeks.

Why It Matters: Trump’s proposed tariffs have been a major point of concern for global economists. Michael Every, a global strategist at Rabobank, warned that the tariffs could have a significant impact on the global economy, affecting various asset classes, including equities, FX, and bonds.

These tariffs are also causing unease among European officials, who fear a potential economic conflict between the U.S. and the EU. Despite President Joe Biden‘s “America is back” declaration, his administration has maintained many of Trump’s protectionist policies, including trade barriers and stricter restrictions on Chinese access to American technology.

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