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Donald Trump’s planned tariffs as president threaten to ruin Christmas next year, Mark Cuban said.
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The ‘Shark Tank’ star said a 60% tariff on Chinese imports would increase the price of gifts.
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Kamala Harris told Cuban that Trump’s economic plans would fuel inflation and cause a recession.
Christmas will be ruined next year if Donald Trump is re-elected president and implements his tariff plans, Mark Cuban said.
“To me, I think Donald Trump is the Grinch who stole Christmas,” Cuban told Vice President Kamala Harris on Wednesday in a conversation uploaded to YouTube.
“This time next year we’re going to be thinking about Christmas presents for all our kids, and if he puts a 60% tariff on everything from China, those prices are going to go up,” said the ‘Shark Tank’ investor and techie. billionaire told the Democratic presidential candidate.
“And now your vision of everything you wanted for your children at Christmas is suddenly gone. Donald Trump just crushed it,” added Cuban, an outspoken Trump critic and Harris supporter.
Trump, the Republican candidate in the November election, has proposed imposing a 60% tariff on all imports from China, and tariffs of 10% or 20% on imports from all other countries.
The Tax Foundation estimates that the weighted average tariff on Chinese imports to the US is about 10%. In a recent analysis, the nonpartisan think tank found that imposing a broad tariff of 20% and raising tariffs on Chinese imports to 60% could cost an average household more than $2,600 a year, or about 4.1% of his annual income.
Yale’s Budget Lab estimated this month that a broad tariff of 10% and a China tariff of 60% could raise consumer prices by 1.4% to 5.1%. The nonpartisan policy research center said this could cost households between $1,900 and $7,600 in average disposable income, before taking into account replacement or the Federal Reserve’s response to the price increases.
Harris told Cuban that Trump is not paying enough attention to the details: “He applies a machete when a scalpel is needed.”
She also contrasted their overall economic plans, saying hers would strengthen the economy, while Trump’s would “fuel inflation and lead to a recession by the middle of next year.”
Read the original article on Business Insider
