Gavin Newsom Warns Trump's 'Big Economic Plan' Could Cost Working Families Up To $8,300 In Higher Taxes: 'Make America More Expensive'

California Governor Gavin Newsom has publicly criticized the economic policies of former President Donald Trump, accusing him of making the country more expensive.

What Happened: Newsom, a Democrat, took to social media platform X to voice his concerns about Trump’s economic plan. “We aren’t talking enough about this. Trump's big economic plan = Make America More Expensive,” he wrote.

Newsom contended that Trump’s proposed measures would raise taxes on working families by up to $8,300, impose an additional 10% tariff on everyday goods, and increase labor and production costs for companies.

Notably, Newsom’s criticism comes on the eve of President Joe Biden and Trump’s first presidential debate for the 2024 elections, scheduled for Thursday.

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Why It Matters: Trump’s economic policies have been a subject of debate among economists and policymakers. Recently, a letter published by sixteen Nobel prize-winning economists warned that a second Trump term could lead to a resurgence of inflation.

They expressed concerns about Trump's proposed policies, including making his first-term tax cuts permanent and imposing universal tariffs on all imports.

Former Treasury Secretary Larry Summers also criticized Trump’s fiscal policy, stating that it could inflict more damage than the one that precipitated the Great Depression. Summers highlighted Trump's tariff proposals as the biggest supply shock that would likely push up prices of not just imported goods but all goods that compete with those imported.

In contrast, Trump emphasized the importance of regulations and taxes in driving economic growth. He has also been critical of the economic policies of the Biden administration, particularly the increase in the national debt.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote