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on Tuesday that even though he has harshly criticized Harris’s price-gouging proposal, he views Trump’s push to apply tariffs aggressively is a bigger deal when the consequences of the two proposals and likelihood they would happen are taken into consideration.
In this Feb. 9, 2016, file photo, Council of Economic Advisers Chairman Jason Furman speaks during the daily briefing in the South Court Auditorium at the White House in Washington. Furman argued in a new op-ed that Vice President Kamala Harris’s agenda is a safer choice for the economy than former President Donald Trump’s plan.
During the debate, Harris attacked Trump over his ambitious tariff agenda. Most economists agree that tariffs are ultimately passed along to consumers through higher prices. She and critics of the plan argue that across-the-board tariffs would amount to a sales tax for voters. He assessed that Trump’s deficit increases are more likely to happen than Harris’s and noted that political betting markets imply that if the former president wins, it is likely that Republicans would also have a trifecta of control in the House, the Senate, and the White House, “a combination that typically results in substantial tax cuts.”
Furman also has trepidations with how a second Trump administration would handle the Federal Reserve and its independence. “Yet he often fiercely criticized the central bank,” Furman wrote. “He is now arguing that the president should have a say in setting interest rates, and at least one of Mr. Trump’s top advisers has suggested he would fire Mr. Powell in the first 100 days.”
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