Donald Trump became the presumptive Republican presidential nominee this week, casting a more serious light on the policy proposals he has put forth during the GOP contest.
Here’s a quick look at how some of Trump’s economic ideas could broadly affect your finances should he prevail with both voters and Congress, keeping in mind that his plans are likely to evolve as he prepares further policy speeches and chooses his running mate:
■ Your purchasing power: The hefty tariffs on imports Trump has proposed include many goods we take for granted and don’t have the capacity to produce within our own borders, said Mark Hamrick, Washington bureau chief and senior economic analyst at Bankrate.com.
“Certainly, agricultural sources in Mexico, they either become more expensive or unavailable,” Hamrick said. “Good luck eating dandelion greens for four months of the year.”
The threat of a 35 percent tax on auto imports from Mexico troubles Sam Stovall, U.S. equity strategist for S&P Global Market Intelligence. “That’s certainly going to hurt, because basically everything is imported, either in U.S. or foreign-made cars,” he said. And tariffs often spark retaliation, affecting U.S. exports as well.
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