Source: Civic Media
Dec 9, 2024, 4:22 PM CST
What do you know about the potential implications of Donald Trump’s tariff proposals? The plan is part of Trump’s agenda and would impose a 25% tax on all goods imported from Canada and Mexico. It would be 10% on items from China. But the broad, across-the-board nature of the tariffs is raising concerns about economic ripple effects. Who will be hit hardest? Senior Economic Policy Director Brendan Duke, with the Center for American Progress Action Fund, joined Maggie Daun, host of The Maggie Daun Show, to discuss what you need to know about the tariffs and why it could mean a tax on the middle-class.
“From oil and gas to strawberries and avocados, these tariffs will touch every corner of the U.S. economy,” Duke explains. “For states like Wisconsin, which rely heavily on Canadian oil due to regional infrastructure, gas prices could spike almost immediately. Similarly, fresh produce imported from Mexico during winter months would see price increases, straining the budgets of households across the nation. This is a tax on middle-class families.”
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The automotive industry is a crucial sector for U.S. manufacturing and could also feel the squeeze. Supply chains are deeply integrated across North America. Tariffs on parts crossing the various borders could encourage manufacturers to source more from China. This undermines the entire goal of boosting domestic production.
“Trump’s rhetoric is all about helping American workers, but these tariffs penalize our closest trading partners—Canada and Mexico—while giving an edge to China,” Duke says.
The discussion with Daun also touches on Elon Musk’s recent suggestion to dismantle the Consumer Financial Protection Bureau (CFPB). It is the key agency safeguarding middle-class consumers from predatory practices. Musk’s comment highlights the clash between protecting ordinary Americans and the policies favoring corporations and the wealthy.
Trump’s campaign promises economic relief for working families. But the execution of tariff policies risks higher costs, job losses, and further market uncertainty.
“These tariffs are like taking 14 aspirin for a headache. It’s just too much of a drastic approach that could harm rather than help,” Duke says.
WATCH the entire show. Duke joins at 20:20:
