Tariffs, Trade, and Tomorrow's Decision: Trump vs. Harris on Import Policies

"The most beautiful word in the dictionary today is the word tariff. It's more beautiful than love, more beautiful than anything. This country can become rich with the proper use of tariffs." – Donald Trump on the Joe Rogan?Experience

Tomorrow is the U.S. election. As a last-minute refresher, let's compare the trade and tariff policies of the Trump and Harris campaigns.

Before we dive in, we must address the elephant in the room. Tariff and tax are NOT interchangeable terms. They are not offsetting mechanisms. These two instruments serve separate fiscal purposes. I'm tired of hearing candidates use them interchangeably.?

So, what is Trump’s trade and tariff policy?

• Universal Tariffs: Trump has proposed implementing a universal baseline tariff of 10%-20% on all imports, with potential increases of up to 20% or higher for specific countries or products. This would undermine existing trade agreements and long-standing relationships with countries like Canada.?
• Targeted Tariffs on China: A crucial part of his policy is imposing up to 60% tariffs on Chinese goods. This will raise the cost of goods for Americans and likely result in reduced exports. This will have an economic growth impact and challenge the lowest income brackets in America, those who need the most help.
• Trump’s trade approach is notably protectionist, promoting the narrative that these measures will benefit Americans. Just because you say it, doesn’t make it accurate.?

Okay then, what does a tariff do?

Impact on Consumers: Tariffs often increase consumer costs, as businesses typically pass along the added expense. Studies suggest increased tariffs could cost American households between $2,600 and $7,600 annually, depending on product type and industry factors.

Industry Protection: Tariffs can help protect specific industries, such as steel and aluminum, by encouraging consumers to buy U.S.-made products.

Behavioral Influence: Tariffs can also serve as leverage, prompting changes in other countries’ trade policies or practices, especially in cases where the U.S. perceives trade imbalances.

Now, let’s look at Harris’ campaign policy

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That’s it. There isn’t one.

It’s status quo. Tariffs are difficult to roll back once they’ve been implemented. Harris has stated that there is no intention to reverse any existing tariffs. We can expect a similar approach to trade as seen under Biden: selective tariffs and a focus on fair trade with like-minded countries.

I’ve aimed to stay unbiased, as trade policy can quickly become political. I won’t tolerate political bashing in the comments. I encourage everyone to consider what’s important to them, research policies, and vote for the candidate they believe is best for themselves and America. Go vote—it matters.

If you were a presidential candidate, what would be your trade policies?

I would focus on the bulk of imports, de minimis, which is now at the forefront of trade yet barely mentioned by either candidate.