Trump's No Tax On Tips & Tariffs Proposals Have Been Met With Mixed Reviews Here Are The Details

Locked in a tight race for the White House, Vice President Kamala Harris and former President Donald Trump are eager to show voters how they’ll handle the economy if elected.

Both campaigns have a populist bent, but the candidates have differing visions for helping Americans contending with the high living expenses that remain even as the recent spike in inflation has largely passed.

Harris spoke Friday afternoon about the economic proposals she’s rolled out this week, including enhanced tax credits for kids, housing assistance and efforts to stop price gouging. She described her forward-looking agenda as “an opportunity economy,” where Americans are given a real chance to succeed, while saying Trump is only focused on helping the wealthy and big businesses.

Trump held two speeches this week centered on the economy and his policies, but he has yet to release a detailed economic plan. He has repeatedly slammed the Biden-Harris administration for high inflation and has pledged to bring down prices immediately. And he accuses Harris of wanting to institute “communist price controls.”

In reality, a president has few tools to address rising prices unilaterally. It’s the job of the Federal Reserve to set interest rates.

Also, most of their major proposals would require congressional approval – and the candidates have not specified how they’d pay for their costly wish list at a time when the federal debt is swiftly rising, though Harris said she would ask well-off Americans and corporations to pay more.

Here’s what we know so far about Harris’ and Trump’s economic plans:

Trump is calling for more tariffs if he returns to the White House. While Harris has not talked about her trade plans specifically, the Biden-Harris administration kept a lot of Trump-era tariffs in place and has increased some of those duties.

During speeches and interviews conducted earlier this spring, Trump called for adding a tariff of at least 10% on all imports from all countries, as well as another tariff upward of 60% on all Chinese imports.

Together, those tariffs could cost a typical middle-income household $1,700 a year, according to an estimate published by the Peterson Institute for International Economics in May.

This week, Trump suggested that the across-the-board tariff could be as high as 20%.

“We’re going to have 10 to 20% tariffs on foreign countries that have been ripping us off for years,” he said during a speech in North Carolina on Wednesday.

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