Republican candidate Donald Trump proposed a 100% tariff on countries abandoning the U.S. dollar. Hao Hong, chief economist and partner at GROW Investment Group said this could create a "lose-lose" situation for both the U.S. and China. Hong warned that a 100% tariff on Chinese exports could significantly raise U.S. inflation and shift the country's trade deficit to allies like Mexico and Canada. Earlier this year, Donald Trump proposed a 60% tariff on Chinese imports and a 10% tariff on all U.S. imports if re-elected. Other economists warned that these tariffs would "most assuredly" boost US inflation while lowering China's GDP.
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00:00It's Benzinga, and here's what's on the block.
00:02Republican candidate Donald Trump proposed a 100% tariff on countries abandoning the
00:07U.S. dollar.
00:08Hao Hong, chief economist and partner at Grow Investment Group, said this could create
00:12a lose-lose situation for both the U.S. and China.
00:16Hong warned that a 100% tariff on Chinese exports could significantly raise U.S. inflation
00:20and shift the country's trade deficit to allies like Mexico and Canada.
00:25Earlier this year, Donald Trump proposed a 60% tariff on Chinese imports and a 10% tariff
00:29on all U.S. imports if re-elected.
00:32Other economists warned that these tariffs would most assuredly boost U.S. inflation
00:36while lowering China's GDP.
00:37For all things money, visit Benzinga.com.