Summary
Americans, frustrated with high prices despite a strong economy, voted for change with Donald Trump’s election. Trump promises to reverse Biden-era policies, vowing steep tariffs, tax cuts, and mass deportations.
Economists warn his plans could worsen inflation, increase the federal deficit, and destabilize growth. The Peterson Institute predicts Trump’s tariffs could drive up costs for American consumers, while deportations could shrink GDP by $5.1 trillion.
His proposed tax cuts could add $4.1 trillion to the deficit, while economists question his willingness to address fiscal imbalances through spending cuts.
So
We’re not talking about inflation due to COVID and corporate price gouging, we’re taking about tariffs.
Appliances and computers would suffer from tariff-induced inflation because the parts come from China and elsewhere not the US.
Housing was affected, mostly new home prices, with his Canadian lumber tarrifs. Which is another story of tarrifs not always working as intended.