Donald Trump’s recent actions suggest he may not be serious about securing a win in the upcoming presidential election.
His proposal for sweeping tariffs, including a universal 20% tariff on imports, is facing significant backlash from voters, economists, and even party members. Polling shows that this strategy could alienate key voters rather than attract them.
Universal tariffs: A risky move
Experts consider Trump’s tariff proposal, particularly the idea of implementing a 20% tariff on all imports and a 60% tariff on Chinese goods, reckless. An NBC News poll revealed that 44% of voters are less likely to support a candidate pushing for such policies. Only 35% said they would be more likely to support it, with the rest either indifferent or opposed.
Economists warn that these tariffs could increase the cost of goods for American consumers, potentially pushing inflation higher. After showing signs of easing, some economists predict inflation could surge to over 7% if Trump’s tariffs take effect. This would hit American wallets, as importers would pass those increased costs on to consumers. Even some prominent Republicans, like Senate Minority Leader Mitch McConnell, have opposed Trump’s proposal, noting that tariffs generally lead to higher prices for American families.
Economic backlash and political opposition
Criticism of Trump’s tariff plan extends beyond voters and experts. His opponent, Kamala Harris, has attacked the policy, dubbing it the “Trump sales tax” and highlighting the economic pain it could cause. While keeping some Trump-era tariffs in place, the Biden administration has taken a more targeted approach, claiming their strategy protects American industries without significantly burdening consumers.
Treasury Secretary Janet Yellen recently emphasized that the Biden-Harris administration has maintained tariffs on key sectors while avoiding broad, inflation-driving measures. According to Yellen, most economists believe that universal tariffs, like those Trump proposes, would harm the economy.
Musk’s support and Bitcoin’s potential impact
Despite the widespread criticism, Trump has found a strong ally in Elon Musk, who has advocated for Trump in swing states. Musk has even offered $1 million daily to a random signer of a petition supporting Trump. While this has garnered significant attention, it has also drawn considerable backlash.
Trump’s tariff plans could have mixed effects on cryptocurrency. Analysts believe that if his policies lead to inflation, Bitcoin could see a surge in value, as it is often seen as a hedge against rising prices. Some even speculate that Bitcoin could hit $150,000 if inflation spikes under Trump’s proposed tariffs. However, the volatility surrounding political events could lead to short-term market turbulence.
Trump’s aggressive tariff strategy, combined with the economic risks and growing political opposition, raises serious questions about the direction of his campaign. With experts and voters wary, whether these policies will lead to the job creation and economic boom Trump promises or contribute to his electoral defeat remains uncertain.