Kamala Harris is clarifying her economic stance as she gears up for the 2024 presidential race. One of her key targets? Donald Trump’s approach to tariffs. In a recent interview, Harris criticized Trump's plan to impose tariffs on U.S. imports, calling it reckless and poorly thought out.
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"He's just not very serious about how he thinks about some of these issues," Harris said, pointing to Trump's economic policies. She emphasized that tariffs shouldn't be thrown around lightly because they can have real consequences for everyday Americans.
While tariffs sometimes protect domestic industries, Harris believes Trump's broad approach is misguided. Instead of benefiting the American economy, she thinks his plan would hurt families already struggling with inflation by making everyday items more expensive.
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Billionaire investor Howard Marks has also weighed in on this topic. Like Harris, Marks isn't convinced that Trump's tariffs are a good idea. In his latest memo, Marks stated that while tariffs could stimulate U.S. output, they would raise consumer prices. He warned that Trump's 10% tariff plan would essentially tax the average American, burdening families with higher costs.
However, Marks isn’t sold on Harris’s anti-price gouging policy either. The current VP wants to tackle grocery inflation, but Marks thinks she’s missing the bigger picture. "There's nothing wrong with trying to bring down the cost of necessities. However, the best way to do this is to encourage additions to supply."
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And it seems that Harris listened because, as she said in that interview, “Supply that is without any question part of the solution. Creating more supply under my plan includes creating tax incentives to work with the private sector and homebuilders.”
Nevertheless, Harris contrasts her approach with Trump's, emphasizing the need for detailed analysis and long-term thinking. "One must be serious and have a plan, and a real plan that’s not just about some talking point ending in an exclamation at a political rally but putting the thought into what will be the return on the investment, what will be the economic impact on everyday people," she said.
For Harris, economic policy is about understanding the ripple effects and ensuring changes are carefully considered before implementation.
Vice President Kamala Harris recently admitted that the Biden administration kept some of Trump's tariffs. Still, she criticized his new plan, calling it a "20% sales tax on everyday items people need to make it through the month."
Like any policy, the full impact on voters isn't always clear from sound bites coming from both sides. However, most economists agree that higher tariffs usually result in higher prices for American consumers.
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