Chief economist says Trump's 'tax on American consumers' will 'add to inflation'
Donald Trump's plans for new tariffs would "add to inflation and equate to "a tax on American consumers," an economist told MSNBC.
Moody's Analytics chief economist Mark Zandi appeared on the cable news network on Saturday, and was asked about Trump's economic plans for 2025 if he is able to defeat President Joe Biden and the Democrats.
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"It would add to inflation. The tariffs are a tax on American consumers, particularly lower or middle income consumers who spend a lot larger share of their budgets on the goods that are imported," he said. "That adds to the inflation."