A financial expert warns about the ‘elephant in the room’ about which Harris is silent

Now that the economy is at the top of the agenda for voters going to the polls, a financial expert is sounding the alarm Vice President Kamala Harris’ “lack of conversation” around international economic theory.

“There’s a potential red flag here, with Harris’ lack of talk about tariffs and actually confronting China.” “What should I do with my money?” author Bryan Kuderna shared Fox News digital.

“She’s been so quiet about any international economic theory, whether it’s tariffs, not tariffs, how we’re going to progress over the next four years compared to the other superpower, China, which is kind of the elephant in the world. room. She’s been very quiet about it.”

KAMALA HARRIS’ ECONOMIC PLAN: FIVE TIMES THE VP DEFUSES QUESTIONS ABOUT AMERICA’S ECONOMY

Harris has largely focused her economic platform on domestic issues and supporting American families through proposed credits and stimulus measures. She has also touted policies that ensure the wealthy “pay their fair share of taxes.”

However, Kuderna warned that if Harris is elected and her economic policies take effect, it could leave America vulnerable on the world stage.

“If we take a step back and say, let’s see how things develop. Let’s focus on America and helping young professionals, helping starters on the housing market, things of this nature, that’s all well and good. But if this really allows China and its economy to become a little more dominant, it could have long-term consequences for our global number 1 position.”

Brian Albrecht, chief economist at the International Center for Law & Economics, admits this is ‘a bit’ about that Harris hasn’t put out a more concrete plan on what it would do regarding tariffs and international trade and immigration and things like that. But she is in a difficult situation. She must defend an administration that maintains virtually every tariff Trump has put in place.”

Although the Biden-Harris administration has retained many Trump-era tariffs, the vice president has cracked down on her candidates’ tariff proposals during the campaign, even accusing him of “sell us out” during the ABC News presidential debate in September.

Although Harris has moved away from tariffs, both Kuderna and Albrecht argue it is reasonable to assume she will be a “continuation” of Biden’s approach to foreign trade relations with China and other countries.

‘THE WORLD’S MOST ACCURATE ECONOMIST’ MAKES BOLD PREDICTIONS FOR THE 2024 ELECTIONS

Reversed, former president Trump’s economic agenda has a strong international focus on competing with China, while also calling for lowering taxes and reducing regulations at home.

Kuderna summarized Trump’s vision as one in which the government would “help at home by reducing regulations, by cutting taxes, by letting the American people and American companies themselves take the lead in acting for them to go away, and then, as the American government, we’ll go abroad and make sure that we can Keep China under control and then work on Iran, the Middle East, Russia, Ukraine and all the other little fires that have been spreading.”

The Tax Foundation noted that Trump’s plan includes imposing a 20% universal tariff on all U.S. imports, raising Section 301 tariffs on China to 60% and imposing a 10% foreign retaliatory tariff on U.S. exports to China.

Albrecht warned that Trump’s increased emphasis on tariffs is a “major concern” for consumers and U.S. industry.

“We know from economic research that those costs are ultimately borne by consumers, but also affect American production. So in the name of protecting American manufacturing from competition with China, you are actually doing harm American production,” argued the chief economist.

Trump has been very bold in using tariffs as a means to compete on the world stage and as a source of tax revenue.

Albrecht argued that the problem with Trump’s plan is that “the math just doesn’t add up.”

“There aren’t enough imported goods to make that work compared to every dollar people earn in income. And if you tried to do that, you would essentially shut down international trade.”

HOW MUCH WOULD HARRIS AND TRUMP’S ECONOMIC PLANS ADD TO THE DEBT?

It is unclear whether Trump’s tariffs will be implemented or used as a negotiating tactic. However, if the tariffs are implemented, they would raise between $2 trillion and $4.3 trillion in tax revenue over 10 years, according to the report. Analysis from the Committee for a Responsible Federal Budget.

“We always hope for a bigger, better economy and that we can tax everyone less as they grow, grow, grow and then make the rest of the world pay for it. That all sounds good, but in practice there would be some shortcomings. long-term pain to maybe achieve that long-term gain,” Kuderna reasoned.

“Would that revenue from international tariffs offset the loss of tax revenue we have at home? That’s very difficult to quantify, but it probably wouldn’t happen immediately, and the concern is whether we’ll just increase our national debt.” he continued.

The economic agendas proposed by both candidates are expected to contribute substantially to the US national debt.

The CRFB calculated that Trump’s plan could add about $8 trillion to the debt by 2035, compared to about $4 trillion under Harris.

Although both candidates recognize the importance of the economy, Trump maintains a narrow lead over Harris, according to national polls. A recent Reuters/Ipsos survey found that Trump has 45% support for the economy, compared to Harris’s 40%.

“It’s clear to everyone that the economy is a major concern. What we don’t agree on is what that means in practice and what we can do about it in the future,” Albrecht said.

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Kayla Bailey and Eric Revell of FOX Business and Anders Hagstrom of Fox News contributed to this report.