Trump's tariffs in his first term did little to alter the economy, but this time could be different

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Posted on 11/28/2024 6:06:57 AM PST by Diana in Wisconsin

Donald Trump loved to use tariffs on foreign goods during his first presidency. But their impact was barely noticeable in the overall economy, even if their aftershocks were clear in specific industries.

The data show they never fully delivered on his promised factory jobs. Nor did they provoke the avalanche of inflation that critics feared.

This time, though, his tariff threats might be different.

The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he'll do what he says and what the consequences could be.

“There's going to be a lot more tariffs, I mean, he's pretty clear,” said Michael Stumo, the CEO of Coalition for a Prosperous America, a group that has supported import taxes to help domestic manufacturing.

The president-elect posted on social media Monday that on his first day in office he would impose 25% tariffs on all goods imported from Mexico and Canada until those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States.

Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his initial term. But on Wednesday, Trump posted on social media that he had spoken with Mexican President Claudia Sheinbaum and she had agreed to stop unauthorized migration across the border into the United States.

Trump also posted on Monday that Chinese imports would face additional tariffs of 10% until Beijing cracks down on the production of materials used in making fentanyl.

Business groups were quick to warn about rapidly escalating inflation. House Democrats put together legislation to strip a president’s ability to unilaterally apply tariffs this drastic, warning that they would likely lead to higher prices for autos, shoes, housing and groceries.

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House Democrats on Tuesday introduced a bill that would require congressional approval for a president to impose tariffs due to claims of a national emergency, a largely symbolic action given Republicans' coming control of both the House and Senate.

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