Trump’s 2024 Economic Pitch: Tariffs, Tax Cuts, and New Promises

Donald Trump's 2024 presidential campaign focuses on tariffs and tax cuts. Proposed tariffs aim to boost U.S. manufacturing but may violate trade agreements and reignite inflation. Tax cut plans include reducing corporate rates and ending taxes on overtime, tips, and Social Security income. Some proposals, however, remain unclear.

Republican presidential candidate Donald Trump has unveiled tariffs and tax cuts as cornerstone elements of his economic strategy, addressing voters who see the economy as a crucial issue in the 2024 election.

Budget forecasters estimate Trump's tax cut proposals could add $3.6 trillion to $6.6 trillion to federal deficits over a decade, in contrast to Harris' plans which may even reduce deficits. Trump's tariff proposals include 10% to 20% on all imports, alongside a 60% tariff on Chinese goods. His threats of 200% tariffs on companies moving production to Mexico could violate the U.S.-Mexico-Canada trade agreement.

Trump's tax policies also propose reducing corporate tax rates from 21% to 15% for U.S.-based producers, ending taxes on overtime pay, tips, and Social Security income, and extending tax cuts from his previous term. He also pledges support for the oil and gas industry, with plans to reopen Alaska's Arctic National Wildlife Refuge for drilling.

(With inputs from agencies.)