Trump’s proposed 10% tariff plan would ‘shake up every asset class,’ strategist says – By Elliot Smith (CNBC) / Jan 22, 2024
- The former president, and overwhelming favorite to secure the Republican nomination for the 2024 race, plans to impose a 10% tariff on all imported goods.
- The center-right American Action Forum think tank said the plan would “distort global trade, discourage economic activity, and have broad negative consequences for the U.S. economy.”
- Rabobank’s Michael Every said the plan was aimed at “structurally breaking the global system by hook or by crook, to basically reindustrialize the U.S. in a neo-Hamiltonian manner.”
Markets need to begin thinking about the structural impact of Donald Trump’s proposed 10% tariff increase, which “shakes up every asset class,” according to Michael Every, global strategist at Rabobank.
The former president, and overwhelming favorite to secure the Republican nomination for the 2024 race, plans to impose a 10% tariff on all imported goods, trebling the government’s intake and aiming to incentivize American domestic production.
Treasury Secretary Janet Yellen said earlier this month that the plan would “raise the cost of a wide variety of goods that American businesses and consumers rely on,” though she noted that tariffs are appropriate “in some cases.”
