Tax Foundation Warns against Trump Tariff Impact on Business

The conservative Tax foundation states:

• "Candidate Trump has proposed significant tariff hikes as part of his presidential campaign; we estimate that if imposed, his proposed tariff increases would hike taxes by another $524 billion annually and shrink GDP by at least 0.8 percent, the capital stock by 0.7 percent, and employment by 684,000 full-time equivalent jobs. Our estimates do not capture the effects of retaliation, nor the additional harms that would stem from starting a global trade war."

Of course, the inflationary impact of tariffs on consumer prices and its disruption of supply chains will hurt consumers, manufacturers and retail.