New Tariffs—and Other Takeaways From Trump’s Economic Speech

In a wide ranging speech, Trump said, “We’re going to have 10% to 20% tariffs on foreign countries that have been ripping us off for years.” The remarks escalated an earlier pledge to impose a 10% across-the-board tariff on imported goods as a way to punish other countries and protect domestic industries.

“We’re going to charge them 10% to 20% to come in and take advantage of our country,” he said.

Here are the top takeaways:
1. ‘Are you better off now’

2. Pre-rebuttal to Harris’s Friday speech

3. Bring home the bacon

4. Deviated to personal attacks

5. Put a spotlight on North Carolina

6. Both parties see Social Security as a winning issue

7. Trump focused on energy costs

Democratic nominee to address thorny economic issue by calling for more construction, tax incentives

Biden and Harris are limited in their ability to significantly lower housing prices, since housing costs are influenced by interest rates and the supply of and demand for homes. Both factors are largely out of their control.

The campaign provided little detail on the tax incentive for builders.

Harris will also propose a $40 billion fund to help local governments find innovative solutions to the lack of housing supply. It is an expansion of a similar $20 billion fund proposed by the Biden administration. Harris’s upcoming economic plan will also tout the Biden administration’s budget proposal to expand the low-income housing tax credit, which gives tax incentives to developers who build low-income housing.

The Biden administration has previously called for a new $10,000 tax credit for first-time home buyers and providing as much as $25,000 in down-payment assistance for first-generation home buyers.Biden last month called for legislation that would withhold key tax breaks from landlords who control properties with more than 50 units if they don’t agree to limit rent increases to a maximum of 5%.

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