#donaldtrump is currently not acting like a candidate seriously aiming to win the presidential election. His main proposal – universal tariffs – is highly unpopular among voters.
A survey by NBC News revealed that 44% of voters would be less likely to support a candidate who endorses import tariffs of up to 20%. Only 35% said they would support such a candidate, and 19% had no opinion. This is hardly a winning strategy.
Trump's Tariff Plans
Despite this opposition, Trump continues to push for high tariffs. His reasoning is that if the tariffs are high enough, companies will have no choice but to move their production to the United States. As he put it:
"The higher the tariff, the more likely a company will come to the U.S. and build a factory so they won’t have to pay the tariff."
Trump proposed a 20% tariff on all imports and a 60% tariff on Chinese goods, hoping that this would encourage job creation and bring wealth back to America.
Criticism of Trump's Tariff Proposal
The problem? Economists, voters, and even some members of Trump's own party have labeled the idea as reckless. Experts warn that tariffs primarily hurt American businesses.
Importers will have to pay the tariff, which will raise prices for consumers. Higher prices lead to higher inflation – just as inflation in the U.S. has started to cool down.
With inflation at around 5.5% year-over-year in October 2024, some economists fear that tariffs could push inflation above 7%.
The Senate Minority Leader, Mitch McConnell, said in September: "I am not a fan of tariffs. They raise prices for American consumers."
Reactions to Trump's Tariffs
Trump’s Democratic opponent, Kamala Harris, attacked the tariff proposal, calling it “Trump's turnover tax.”
Joe Biden's administration has kept some tariffs from Trump’s era but claims that their approach is more calculated. Treasury Secretary Janet Yellen emphasized that their tariffs are targeted at strategic industries.
She also stated that the overwhelming majority of economists believe that broad tariffs would hurt the economy. The Biden-Harris camp insists they are protecting American industry without harming consumers.
Elon Musk, Bitcoin, and Trump’s Tariffs
While Trump faces backlash over tariffs, #ElonsMusk strongly supports him and has even launched a petition in his favor.
At an event in Pennsylvania, Musk promised $1 million a day to signatories of his petition to motivate voters. Naturally, this has generated a ton of criticism for both men in the past few days.
Trump’s tariff plans could pose both a threat and an opportunity for Bitcoin. If his policies drive inflation higher, the price of Bitcoin could rise.
Historically, Bitcoin has been seen as a hedge against inflation. During Trump’s first term, his tariffs on China drove up prices across various sectors, and analysts expect a repeat.
Some experts predict that if inflation surges, Bitcoin ( #BTC☀ ) could reach $150,000. However, volatility will remain a major issue, as political events like debates and elections have caused significant price swings this year.
If Trump wins and announces new tariffs, it could trigger a short-term sell-off. However, in the long term, #bitcoin☀️ could thrive under the inflationary pressures that Trump’s tariffs might unleash.
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
