How Trump's Tariff Plans Could Affect Prices and Manufacturing

President-elect Donald Trump plans to implement aggressive tariffs on foreign goods, particularly from China, with rates ranging from 60% to 100% on Chinese imports and up to 20% on others. This strategy aims to protect domestic industries and potentially reduce the U.S. deficit by $200 billion, or 10%, according to the Tax Policy Center. However, past tariffs have led to higher consumer prices, costing American households significantly. The economic impact and effectiveness of these tariffs in reducing the deficit remain uncertain.