Economist calls it ‘bonkers’ to deny impact on prices and incomes

  • Trump suggests tariffs could go higher than 10%
  • Economists criticize Trump’s tariff proposal
  • Tax Foundation estimates a tax hike of over $300 billion a year on American consumers
  • Trump denies that levies would add to inflation
  • Economist calls Trump’s statements ‘bonkers’
  • President Biden also calls for new tariffs on imports

Former President Donald Trump has suggested that tariffs could go higher than 10% if he wins the White House in November. Economists have criticized Trump’s tariff proposal, with one think tank estimating it would result in a tax hike of over $300 billion a year on American consumers. Trump denies that levies would add to inflation, but an economist from the Tax Foundation called his statements ‘bonkers’. President Biden has also called for new tariffs on imports.

Factuality Level: 2
Factuality Justification: The article contains biased information, lacks objectivity, and presents opinions as facts. It includes sensationalism and exaggeration in reporting, as well as misleading statements without proper evidence or context. The article also lacks depth and provides limited information on the topic.
Noise Level: 2
Noise Justification: The article provides relevant information about former President Donald Trump’s proposal to increase tariffs on imports, including expert opinions and reactions. It stays on topic, supports its claims with evidence, and offers insights into the potential economic impacts of such a policy. The article does not contain irrelevant or misleading information, and it does not dive into unrelated territories.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses the potential impact of tariffs on imports, which can have implications for various industries and companies involved in international trade.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article primarily focuses on the potential impact of tariffs on imports and does not describe any extreme events.
Key People: Donald Trump (Former President), Erica York (Tax Foundation), Joe Biden (President)

Reported publicly: www.marketwatch.com