Trump has also proposed a more modest 20–60 plan, in which his second term would impose a 20 percent worldwide tariff alongside a 60 percent tariff on Chinese goods. But even that plan would prove devastating for the economy, according to an analysis by the nonpartisan Tax Policy Center, which found that it would lower household incomes by an average of $3,000 in 2025.
In a joint letter released last month, nearly two dozen Nobel Prize–winning economists formally warned against Trump’s economic plan, arguing that the MAGA leader’s stiff tariff increases and tax cuts would spell disaster for the average American.
“His policies, including high tariffs even on goods from our friends and allies and regressive tax cuts for corporations and individuals, will lead to higher prices, larger deficits, and greater inequality,” the 23 economists wrote. “Among the most important determinants of economic success are the rule of law and economic and political certainty, and Trump threatens all of these.”
