Harris Is the Safer Economic Choice

September 16, 2024, Opinion: "The first modern presidential race between two candidates with undergraduate degrees in economics hasn’t thrilled economists. Both Donald Trump and Kamala Harris have floated bad ideas, including thatNippon Steel's proposed acquisition of U.S. Steel is a national-security risk, that tip income shouldn’t be taxed, and that grocery prices are currently elevated because of price gouging. Yet economists are obliged to compare and quantify. In this race, the evaluation is clear: Mr. Trump’s ideas on tariffs, the budget and the Federal Reserve pose a much greater risk to the economy than Ms. Harris’s.  Let’s start with tariffs. The Biden administration was wrong to keep and add to the tariffs Mr. Trump placed on China. Fortunately Ms. Harris doesn’t seem enthusiastic about pursuing this route much further. Mr. Trump, meanwhile, has proposed 10% tariffs on all U.S. imports, as well as 60% on Chinese goods. Whereas President Biden’s tariffs covered $18 billion of imports, Mr. Trump’s would cover $4 trillion, more than 200 times as much."