US Elections 2024: Donald Trump shares plans for second term — from taxes to tariffs, inflation & China | Top 10 Updates | Today News

US Elections 2024: Donald Trump, former United States President and current Republican Party presidential candidate, has shared his plans for taxes, tariffs and his views on Jerome Powell of the US Federal Reserve, in an interview with Bloomberg Businessweek.

The report noted that Trump is “promising a return to the way things were — before the COVID-19 pandemic”. He is trying to appeal to “voters and to business leaders who abandoned him,” the Bloomberg Businessweek report said.

But what are Trump’s plans or proposals? We take a look at the possible “Trumponomics” (Trump economics) ahead in case he wins a second term in the White House.

• On tariff impositions: In addition to targeting China for new tariffs of anywhere from 60-100 per cent, he said he would impose a 10 per cent across-the-board tariff on imports from other countries. His reasoning? Other countries do not import enough from the US.
• On China tariffs: The report noted that Trump seemed to take Biden’s continuation of tariffs on China (imposed during Trump administration) and even increase of some tariffs as “vindication”.
• On US-Taiwan relationship in case of clash with China: Trump indicated to Bloomberg that if re-elected, the US’ policy of defending Taiwan could change. He was “very cool to the idea of the US sort of standing up for and protecting Taiwan against Chinese aggression”, and argued that the Asian island nation has “stolen the US chips business”.
• On sector policies: The Republican platform has noted that another Trump presidency would scrap Biden’s policies on renewable energy, electric vehicles (EVs), and “address illegal immigration” with the “largest deportation programme in American history”.

(With inputs from Bloomberg, AP and Reuters)