By South China Morning Post | Created at 2024-09-26 20:06:26 | Updated at 2024-09-30 13:21:27
3 days ago
Republican presidential nominee Donald Trump’s vows to usher in a “manufacturing renaissance” in America have intensified as he seeks to differentiate himself from Democratic hopeful US Vice-President Kamala Harris ahead of US election day.
Standing before a ‘Made-in-USA’ banner at a campaign rally in Savannah, Georgia, on Tuesday, the former US president pledged to snatch “other countries’ jobs” and slap hefty tariffs on foreign-made goods to shield American industries.
Trump has also promised throughout his White House bid a crackdown on “illegal aliens” and expanding the president’s say in decisions made by the US Federal Reserve.
But a working paper released on Thursday by the Peterson Institute for International Economics warned of dire effects for the American economy, the world’s largest, if Trump’s plans were to materialise.
In particular, weaker economic growth, higher inflation and job losses would ensue, according to the Washington-based think tank, with some impact expected to be felt through 2040.
