CHARLOTTE, N.C. — President-elect Donald Trump is preparing an economic agenda centered on sweeping tariffs, tax cuts, and potential large-scale immigration enforcement that could significantly reshape the U.S. economic landscape.
Trump's proposed tariffs would impose a 60% levy on Chinese imports and a 10-20% tariff on goods from all countries. While Trump argues these measures will protect American jobs and encourage domestic manufacturing, business groups warn they could drive up consumer prices.
"Companies will either eat the tariffs and have an impact on their costs, or pass them on to consumers," NBC News senior policy reporter Shannon Pettypiece said.
The tariff proposals may face legal challenges.
"If you want to put broad sweeping tariffs on everything coming to the country from China, for example, you have to go through Congress," Pettypiece noted.
The incoming administration also seeks to extend previous tax cuts and potentially eliminate federal income tax entirely, with tariffs proposed as an alternative revenue source. However, implementing such dramatic changes would require congressional approval.
"Even with Republican control of Congress, having covered a number of congresses in the past, it is very hard to get enough members on the same page to make some real sweeping change," Pettypiece explained.
A potential mass deportation effort could dramatically impact key economic sectors. Industries like construction, agriculture and food processing rely heavily on immigrant labor. Removing millions of workers could exacerbate existing labor shortages and potentially trigger an inflationary wage cycle.
Congressional Republicans may support some tax and tariff proposals, but significant legislative hurdles remain in implementing the president-elect's most ambitious economic reforms.
Contact Ben Thompson at bthompson@wcnc.com and follow him on Facebook, X and Instagram.
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