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https://www.lse.ac.uk/granthaminstitute/news/if-elected-donald-trumps-proposed-tariffs-would-damage-the-economies-of-united-states-china-and-europe-and-set-back-climate-action/
New research by the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science has found that proposed tariffs put forward by US Presidential Candidate Donald Trump would hit the American economy and could hinder action on climate change.
The research by Dr Aurélien Saussay, laid out in ‘The economic impacts of Trump’s tariff proposals on Europe’, concludes that Donald Trump’s additional tariffs on some imports could lead to a reduction in gross domestic product in the United States by -0.64%, China by -0.68%, and the European Union by a more modest reduction of -0.11%.
Mr Trump has proposed a 100% tariff on all imported vehicles which would, according to the paper, “significantly impact the affordability of electric vehicles in the US market, potentially slowing adoption rates and hampering efforts to reduce transport emissions, given that imported EVs currently account for approximately 30% of the US electric vehicle market.”
Donald Trump has repeatedly claimed in both speeches and media interviews that he is going to implement a universal 10% import tariff on all foreign-made goods, a targeted 60% import tariff on Chinese goods and a 100% tariff on all imported cars. He has also spoken about a 200% tariff on some imported vehicles. While most of the existing tariffs enacted under the previous Trump administration have not been rescinded by the Biden administration, these new proposals still represent a significant escalation of ‘America First’ trade policies and could have wide-ranging economic impacts.
New research by the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science has found that proposed tariffs put forward by US Presidential Candidate Donald Trump would hit the American economy and could hinder action on climate change.
The research by Dr Aurélien Saussay, laid out in ‘The economic impacts of Trump’s tariff proposals on Europe’, concludes that Donald Trump’s additional tariffs on some imports could lead to a reduction in gross domestic product in the United States by -0.64%, China by -0.68%, and the European Union by a more modest reduction of -0.11%.
Mr Trump has proposed a 100% tariff on all imported vehicles which would, according to the paper, “significantly impact the affordability of electric vehicles in the US market, potentially slowing adoption rates and hampering efforts to reduce transport emissions, given that imported EVs currently account for approximately 30% of the US electric vehicle market.”
Donald Trump has repeatedly claimed in both speeches and media interviews that he is going to implement a universal 10% import tariff on all foreign-made goods, a targeted 60% import tariff on Chinese goods and a 100% tariff on all imported cars. He has also spoken about a 200% tariff on some imported vehicles. While most of the existing tariffs enacted under the previous Trump administration have not been rescinded by the Biden administration, these new proposals still represent a significant escalation of ‘America First’ trade policies and could have wide-ranging economic impacts.
