1115 GMT - Should President-elect Donald Trump implement tariffs proposed in his election campaign, they could increase inflation and cost each U.S. American consumer up to $2,400 annually, ING's James Knightley says in a note. Overnight, Trump posted on Truth Social that on day one of his presidency he would impose 20% import tariffs on goods from Mexico and Canada, and an additional 10% from China. Writing ahead of Trump's latest post, Knightley says the increase in the cost of goods, coupled with labor constraints from proposed immigration policies, could lead to a one percentage point increase in inflation. Tariffs can generate significant revenue. However, broader economic impacts and resulting shifts in consumer behavior limit their effectiveness as a long-term fiscal strategy, he adds. (edward.frankl@wsj.com)
(END) Dow Jones Newswires
November 26, 2024 06:15 ET (11:15 GMT)
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