So finally after about 3 months of waiting, President Elect Donald Trump is sworn into office.
I am a strong supporter of Trump, so I am very pleased. However, that doesn’t necessarily mean these next four years will be the best.
On the contrary, these four years could go very wrong or very right, depending on how Trump implements his plans.
One plan that could potentially go awry is his tariff strategy. While tariffs on imports aren’t inherently negative, increasing tariffs on imported goods might encourage more American production, strengthening the American economy. However, tariffs can also result in higher prices if the goods being taxed cannot be produced more cheaply in the United States.
In my opinion, Trump should consider implementing tariffs on goods that can be produced in the United States at a similar or lower cost. This approach could enhance American production while maintaining price stability.
Although I’m not an expert in economics, I believe this approach makes sense and could make his tariffs very effective while minimizing negative impacts on consumers.