Kamala Harris is clarifying her economic stance as she gears up for the 2024 presidential race. One of her key targets? Donald Trump’s approach to tariffs. In a recent interview, Harris criticized Trump's plan to impose tariffs on U.S. imports, calling it reckless and poorly thought out.
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"He's just not very serious about how he thinks about some of these issues," Harris said, pointing to Trump's economic policies. She emphasized that tariffs shouldn't be thrown around lightly because they can have real consequences for everyday Americans.
While tariffs sometimes protect domestic industries, Harris believes Trump's broad approach is misguided. Instead of benefiting the American economy, she thinks his plan would hurt families already struggling with inflation by making everyday items more expensive.
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Billionaire investor Howard Marks has also weighed in on this topic. Like Harris, Marks isn't convinced that Trump's tariffs are a good idea. In his latest memo, Marks stated that while tariffs could stimulate U.S. output, they would raise consumer prices. He warned that Trump's 10% tariff plan would essentially tax the average American, burdening families with higher costs.
However, Marks isn’t sold on Harris’s anti-price gouging policy either. The current VP wants to tackle grocery inflation, but Marks thinks she’s missing the bigger picture. "There's nothing wrong with trying to bring down the cost of necessities. However, the best way to do this is to encourage additions to supply."
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And it seems that Harris listened because, as she said in that interview, “Supply that is without any question part of the solution. Creating more supply under my plan includes creating tax incentives to work with the private sector and homebuilders.”