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Tax Foundation

Tax Foundation

Trump’s Tariff Proposals Would Raise Tariff Rates to Great Depression-Era Levels

Tax Foundation
Summary
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89% Informative

Former President Donald Trump ’s proposals to impose a universal tariff of 20 percent and an additional tariff on Chinese imports of at least 60 percent would spike the average tariff rate on all imports to highs not seen since the Great Depression .

Trump often cites President William McKinley as an inspiration for his affinity for tariffs.

Trump has entertained tariffs as high as 100 percent on imports from China .

Trump ’s proposed tariffs would raise taxes on US imports, burdening consumers and unprotected industries with higher taxes and lower incomes.

Using tariff policy to reallocate investment and jobs is a costly mistake, we should not forget.