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President-elect Donald Trump plans to influence the U.S. economy by eliminating regulations, extending tax cuts, and raising tariffs on foreign goods to generate revenue and revive industrial jobs. However, these tariffs may lead to higher retail prices for consumers. Analysts suggest that his fiscal policies could significantly impact employment and inflation, especially if the Republican party secures control of Congress.
Trump's proposed universal tariffs could lead to significant price increases on a range of consumer goods, with clothing prices expected to rise by 12.5% to 20.6% and toys by 36.3% to 55.8%. This would result in a $46 billion decrease in purchasing power, disproportionately affecting low-income households. Critics argue that these tariffs would act as a tax on American families without creating new jobs in the affected industries.
RBI Governor Shaktikanta Das has dismissed suggestions to exclude volatile food prices from India's inflation targets, emphasizing that such a move would be illogical for everyday consumers. He stated that food constitutes nearly half of the consumer inflation basket, and removing it would effectively eliminate the target itself.
Peterson Institute for International Economics
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