Trump's Tariff Push Sparks Global Trade War Concerns and Price Hikes

President-elect Donald Trump plans to implement tariffs of 10% to 20% on all imports, with higher rates on Chinese goods, as a means to generate revenue and protect domestic industries. While Trump argues this could replace federal income tax, economists warn it would likely lead to higher consumer prices, as importers pass costs onto consumers. The Tax Foundation estimates a 10% tariff could raise $2 trillion by 2034, but not enough to offset tax cuts. Critics argue the policy could cost households significantly and potentially spark trade wars.