Former President Donald Trump said he would expand his policy stance on tariffs, imposing up to 20% tariffs instead of the 10% he had previously proposed.
At a rally on North Carolina Wednesday, Trump focused on inflation and cost of living, a key issue for voters. As part of his economic talking points, Trump vowed to bring production back to places like North Carolina and tax more for 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,” he said in the rally.
Global trade experts have warned against widespread tariffs, a type of tax that a country charges on imported goods and services from another country, as they generally harm the economy.
RNC Spokesperson Anna Kelly said in a statement to USA TODAY, “President Trump put America First by instituting tariffs while simultaneously keeping inflation and consumer prices low…he will once again lower taxes, impose tariffs on foreign producers, bring jobs back to the US, and put America First on day one.”
More:Trump hits grocery costs, inflation at North Carolina campaign stop as Harris gains ground
What is a tariff?
A tariff is a form of tax imposed on imports from another country.
Economic theory generally shows higher trade barriers raise consumer prices and negatively impact economic output and income, according to the Tax Foundation, a…
