New research shows that Trump’s tariff plan would raise gas prices by at least 15 cents a gallon at the pump.
Trump is campaigning on how he will lower prices with more energy production, but new research shows that the ex-president’s plan would increase gas prices.
Trump has called for imposing tariffs of up to 20 percent on all imported goods should he be elected. That would likely affect at least half, if not all, of the 8 million barrels of crude oil that the United States imports, market analysts said, in what could become an especially politically explosive example of his tariffs’ impact on consumers’ wallets. Such a move could also blow up a trade treaty with the nation’s No. 1 supplier of imported oil: Canada.
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A 10 percent tariff — the minimum level Trump has floated — would raise the average retail gasoline price by 5 percent, said BCA Research’s chief strategist for commodities and energy research, Roukaya Ibrahim, and its chief strategist for geopolitics and U.S. politics Matt Gertken, in an email to POLITICO. At current prices, that would hike the current national average from $3.35 a gallon to $3.50.
Trump is promising to cut energy prices in half while his plan would actually raise the price of a gallon of gas. The only people who would benefit from Trump’s plan are the 1%. The other elements of Trump’s tariff plan includes a $3,900 tax increase for American families, a spike in inflation, and a recession.
Donald Trump’s tariff plan is one of the worst economic ideas ever put forward by a presidential nominee.
The plan would be a disaster for the American people. It would raise prices, increase unemployment, and make life worse.
Donald Trump doesn’t want to lower the price of gas. He is trying to increase it.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
