{"id":2342317,"date":"2024-09-17T13:59:02","date_gmt":"2024-09-17T17:59:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/top-dem-adviser-says-trump-trade-war-worse-than-harris-price-gouging-ban-washington-examiner\/"},"modified":"2024-09-17T14:01:48","modified_gmt":"2024-09-17T18:01:48","slug":"top-dem-adviser-says-trump-trade-war-worse-than-harris-price-gouging-ban-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/top-dem-adviser-says-trump-trade-war-worse-than-harris-price-gouging-ban-washington-examiner\/","title":{"rendered":"Top Dem adviser says Trump trade war worse than Harris price gouging ban &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftop-dem-adviser-says-trump-trade-war-worse-than-harris-price-gouging-ban-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2342317&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A leading Democratic adviser and economist,\u2063 Jason Furman,\u200b has expressed concerns regarding former President\u2064 Donald Trump&#8217;s aggressive tariff \u2063policies,\u2062 stating they\u2063 are more troubling than Vice\u200c President Kamala Harris&#8217;s proposed \u200dmeasures against price gouging.\u2063 Furman emphasized that while he\u200c criticized Harris&#8217;s plan, which he \u2063believes lacks \u2064effectiveness and is unlikely to pass the Senate, the potential consequences of a global\u2063 trade war initiated\u200d by Trump are far more significant.<\/p>\n<p>In a recent op-ed,\u2062 Furman, who\u200d chaired the \u2064Council of\u200b Economic Advisers under President Barack Obama, detailed how Trump&#8217;s proposed tariffs \u2062could\u200d drastically reshape international trade relationships and\u200b impact consumer prices, labeling them a serious economic threat. He argued that Harris&#8217;s fiscal policies, even if contested, would be less damaging compared to the expansive budget proposals from Trump, which could significantly increase the national deficit.<\/p>\n<p>Additionally, Furman raised concerns about\u2063 Trump&#8217;s past criticisms of the Federal Reserve and indicated\u200d that a second Trump administration might \u2062pose risks to the central bank&#8217;s independence. As the\u200c economy emerges as a crucial issue \u2063for voters amid ongoing inflation challenges, Furman concludes that Harris represents\u2062 a more stable choice for \u2062economic policy compared \u200dto \u200bTrump.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Top Democratic adviser says Trump trade war worse than &lsquo;bad&rsquo; Harris price gouging ban<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1760343\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>A leading Democratic adviser and top economist is arguing that, while he isn&rsquo;t a fan of Vice President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/kamala-harris\/\" target=\"_blank\" rel=\"noopener\" title>Kamala Harris&rsquo;s<\/a> plan to <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3122999\/harris-campaign-grocery-price-control-proposal-could-cause-shortages\/\" target=\"_blank\" rel=\"noopener\" title>go after price gouging<\/a>, former President Donald Trump&rsquo;s tariff agenda is more concerning.<\/p>\n<div class=\"article-paywall\">\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/tag\/jason-furman\/\" target=\"_blank\" rel=\"noopener\" title>Jason Furman<\/a>, the chairman of former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/barack-obama\/\" target=\"_blank\" rel=\"noopener\" title>Barack Obama&rsquo;s<\/a> Council of Economic Advisers, told the <em>Washington Examiner<\/em> on Tuesday that even though he has harshly criticized Harris&rsquo;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hs-students-embarrass-harris-point-out-critical-error-in-her-central-campaign-promise\/\" title=\"HS Students Embarrass Harris, Point Out Critical Error in Her Central Campaign Promise\">price-gouging proposal<\/a>, he views Trump&rsquo;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.<\/p>\n<p>&ldquo;The price gouging proposal won&rsquo;t pass the Senate and regardless even if it did, the more limited versions that mimic state law would be only a mild bad but not terrible,&rdquo; he said in an email. &ldquo;All that pales in comparison to a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-china-bought-positive-media-coverage-during-covid-19-according-to-damning-report\/\" title=\"How China Bought Positive Media Coverage During COVID-19, According To Damning Report\">global trade war<\/a>.&rdquo;<\/p>\n<p>Furman explained his stance after publishing an <a href=\"https:\/\/www.wsj.com\/opinion\/harris-is-the-safer-economic-choice-2024-presidential-election-ea06b8bf\" target=\"_blank\" rel=\"noopener\" title>op-ed<\/a> in the <em>Wall Street Journal<\/em> arguing that Harris is the safer pick for the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/economy\/\" target=\"_blank\" rel=\"noopener\" title>economy<\/a>.<\/p>\n<p>Furman, who is an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nearly-100-harvard-professors-take-a-stand-for-free-speech-at-the-elite-school\/\" title=\"Nearly 100 Harvard Professors Take A Stand For Free Speech At The Elite School\">economic policy professor<\/a> at Harvard University, has criticized Harris&rsquo;s price-gouging plan as &ldquo;not sensible policy&rdquo; and said that it has no upside to it &mdash; noteworthy pushback from a member of the same party.<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">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&rsquo;s agenda is a safer choice for the economy than former President Donald Trump&rsquo;s plan. (AP Photo\/Susan Walsh)<\/figcaption><\/figure>\n<p>Yet Furman objects to Trump&rsquo;s proposed trade policy, which would dramatically rework the global trade order by imposing stiff tariffs on adversaries and allies alike. President Joe Biden maintained Trump&rsquo;s tariffs against China, which Furman contends was a bad move.<\/p>\n<p>&ldquo;Fortunately Ms. Harris doesn&rsquo;t seem enthusiastic about pursuing this route much further,&rdquo; Furman wrote in the op-ed. &ldquo;Mr. Trump, meanwhile, has proposed 10% tariffs on all U.S. imports, as well as 60% on Chinese goods. Whereas President Biden&rsquo;s tariffs covered $18 billion of imports, Mr. Trump&rsquo;s would cover $4 trillion, more than 200 times as much.&rdquo;<\/p>\n<p>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.<\/p>\n<p>In his op-ed, Furman also examined the budgetary and fiscal effects of the two candidates&rsquo; economic platforms.<\/p>\n<p>Furman said that, by his estimation, Trump&rsquo;s combination of budget proposals, such as extending his namesake tax cuts, lowering the headline corporate tax rate, and eliminating taxes on both Social Security and taxes on tips, would add more than $5 trillion to the deficit. That figure accounts for any new revenue brought in from a juiced-up tariff regime.<\/p>\n<p>He assessed that Trump&rsquo;s deficit increases are more likely to happen than Harris&rsquo;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, &ldquo;a combination that typically results in substantial tax cuts.&rdquo;<\/p>\n<p>But if Harris wins, it is likely that she would not have a trifecta and would have only tenuous control of the Senate.<\/p>\n<p>&ldquo;Even with unified Democratic control, there is more precedent for deficit reduction and paying for proposals, outside major recessions and emergencies,&rdquo; he said.<\/p>\n<p>Furman also has trepidations with how a second Trump administration would handle the Federal Reserve and its independence.<\/p>\n<p>Trump appointed Jerome Powell as the Fed chairman for a first term that began in 2018. Powell was then subsequently reappointed by President Joe Biden in 2022 &mdash; to grumbling from the liberal-left flank of the Democratic Party. Trump famously criticized Powell while in office, pressing him to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-to-stop-inflation-from-hurting-americas-working-and-middle-class\/\" title=\"How To Stop Inflation From Hurting America\u2019s Working And Middle Class\">lower interest rates<\/a> in defiance of the convention for presidents not to intervene in monetary policy decisions by the central bank.<\/p>\n<p>Furman conceded that Trump&rsquo;s picks to govern the central bank during his first term &ldquo;were generally excellent,&rdquo; with some outliers near the end of his term.<\/p>\n<p>&ldquo;Yet he often fiercely criticized the central bank,&rdquo; Furman wrote. &ldquo;He is now arguing that the president should have a say in setting interest rates, and at least one of Mr. Trump&rsquo;s top advisers has suggested he would fire Mr. Powell in the first 100 days.&rdquo;<\/p>\n<p>Furman said that Trump would probably move away from the notion of directly intervening with the Fed, given the stock market&rsquo;s inevitably negative response, but if he doesn&rsquo;t back away from those ideas, they would represent &ldquo;perhaps the largest threat the economy faces.&rdquo;<\/p>\n<p>During this election cycle, the economy has been the No. 1 issue for voters. Much of that discontent stems from more than three years of cumulative inflation, which has marred the Biden administration&rsquo;s approval ratings despite some of the lowest unemployment in modern history.<\/p>\n<p>Consumer price index&nbsp;inflation&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3149425\/inflation-fell-for-fifth-month-in-a-row-to-2-5-in-august-clearing-way-for-fed-easing\/\" target=\"_blank\" rel=\"noreferrer noopener\">faced a 0.4 percentage point<\/a> drop&nbsp;to 2.5% for the year in August, the Bureau of Labor Statistics reported last week, marking five months of disinflation and a bit of good news for Harris. CPI inflation is now the lowest it has been since February 2021, shortly after President Joe Biden was sworn in.<\/p>\n<p>But despite the progress the Fed has made in lowering inflation, voters aren&rsquo;t complaining about the 2.5% inflation experienced over the past year but rather that, on average, things cost about 20% more now than they did when Biden first entered office.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><\/strong><\/a><\/p>\n<p>The Fed&rsquo;s quest to vanquish inflation by driving up interest rates has also made things such as taking on a mortgage and getting an auto loan much more expensive, causing further economic discontent.<\/p>\n<p>The central bank is meeting this week, and it is widely expected to cut interest rates for the first time since the start of the pandemic back in 2020. Investors and Fed watchers are split over how much they think the Fed might cut, with some guessing the Federal Open Market Committee will slash rates by a quarter of a point and others anticipating a bigger 0.5-point cut.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1760343\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1760343\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A prominent Democratic adviser and economist has stated that, although he disapproves of Vice President Kamala Harris&#8217;s approach to tackling price gouging, he finds former President Donald Trump&#8217;s tariff policies to be more alarming. Jason Furman, who chaired the Council of Economic Advisers under former President Barack Obama, expressed his views in an interview with the Washington Examiner on Tuesday. He acknowledged his criticisms of Harris&#8217;s price-gouging initiative but emphasized that when considering the potential consequences and feasibility of both proposals, Trump&#8217;s aggressive tariff strategy poses a greater threat. Furman noted that Harris&#8217;s proposal is unlikely to pass in the Senate and would only have a mild negative impact if it did resemble existing state laws. In contrast, he described a global trade war as far more serious.<\/p>\n<p>Furman&#8217;s comments followed an op-ed he published in the Wall Street Journal where he argued that Harris represents a safer economic choice compared to Trump. As an economics professor at Harvard University, Furman labeled Harris\u2019s plan as &#8220;not sensible policy&#8221; with no benefits\u2014a notable critique from someone within her party.<\/p>\n<p>In his op-ed, Furman also discussed how Trump\u2019s proposed trade policies could significantly alter global trade dynamics by imposing high tariffs on both adversaries and allies. He criticized President Joe Biden for maintaining Trump&#8217;s tariffs on China, which Furman believes was misguided. He pointed out that while Biden&#8217;s tariffs affected $18 billion worth of imports, Trump\u2019s proposals would impact $4 trillion\u2014over 200 times more.<\/p>\n<p>During debates, Harris criticized Trump for his ambitious tariff plans; many economists agree these tariffs ultimately lead to higher consumer prices and function like a sales tax for voters.<\/p>\n<p>Furman&#8217;s analysis extended to budgetary implications of each candidate&#8217;s economic strategies. He estimated that Trump&#8217;s fiscal proposals\u2014including extending tax cuts and reducing corporate taxes\u2014could increase the deficit by over $5 trillion despite any revenue generated from heightened tariffs. He suggested these deficit increases are more probable than those associated with Harris\u2019s plans and noted political betting markets indicate if Trump wins again, Republicans might gain control across Congress and the White House\u2014a scenario typically leading to significant tax reductions.<\/p>\n<p>Conversely, if Harris were elected president without full Democratic control over Congress (a trifecta), she would likely face challenges in implementing her agenda effectively.<\/p>\n<p>Furman also expressed concerns about how another term under Trump could affect Federal Reserve independence given Trump&#8217;s past criticisms of Fed Chairman Jerome Powell during his presidency when he pressured for lower interest rates against conventional norms discouraging presidential interference in monetary policy decisions.<\/p>\n<p>As inflation remains a top concern among voters this election cycle\u2014stemming from over three years of rising prices\u2014the economy has become central to voter sentiment despite low unemployment rates under Biden\u2019s administration. Recent reports indicated inflation had dropped slightly but consumers still feel burdened by higher costs compared to when Biden took office.<\/p>\n<p>The Federal Reserve is expected to meet soon where it may cut interest rates for the first time since early 2020 amid mixed predictions regarding how much they will reduce them<\/p>\n","protected":false},"author":3360,"featured_media":2342318,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/furman-trump-tariffs.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[4021,32403,3634],"class_list":["post-2342317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-harris","tag-trade-war","tag-trump"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/furman-trump-tariffs.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2342317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3360"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2342317"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2342317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2342318"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2342317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2342317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2342317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}