US election 2024: Trump policies to ‘reignite’ inflation, warn Nobel Prize-winning economists
- Economists say Trump’s plans would fuel inflation, because of his pledge to impose tariffs on Chinese imports, which will hike prices on goods
Sixteen Nobel Prize-winning economists signed a letter on Tuesday warning that the US and world economy will suffer if Republican presidential candidate Donald Trump wins the US presidential election in November.
The jointly signed letter, first reported by Axios, says the economic agenda of US President Joe Biden, a Democrat, is “vastly superior” to Trump’s, the former Republican president seeking a second term.
The economists say Trump’s economic plans would reignite inflation, in part because of his pledge to impose stiffer tariffs on Chinese imports, which they say will hike prices on many goods bought by US consumers.
“While each of us has different views on the particulars of various economic policies, we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump,” the economists state in their letter.
“We believe that a second Trump term would have a negative impact on the US’s economic standing in the world, and a destabilising effect on the US’s domestic economy.”
The letter was signed by prominent economists including Joseph Stiglitz, who won the Nobel Prize for economics in 2001, and Sir Angus Deaton, an economic Nobel laureate in 2015.
