‘Far too far’: Commentator reacts to Trump’s proposal on tariffs

Published: Sep 06, 2024 Duration: 00:08:39 Category: News & Politics

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We've discussed the tactical choices facing Kamala Harris and Donald Trump in Tuesday's debate, but what about their messages? Well, we got a preview this week about what issues they'll be pushing. Harris tried to get ahead of her perceived weakness on the economy, unveiling proposals to show how good she'll be for business. We will tax capital gains at a rate that rewards investment in America's innovators, founders and small businesses. Meanwhile, Trump laid out his economic plans, talking about how tariffs will boost the economy but also taking time Friday to attend court to appeal the verdict in the E. Jean Carroll case that found Trump sexually abused and defamed her, then holding a news conference where he attacked several women who accused him of sexual misconduct. It couldn't have happened. It didn't happen. And she would not have been the chosen one. She would not have been the Chosen one. The chosen one for his sexual abuse. Cara. Can Trump focus on our future instead of his past? Whether it's the stolen election in 2020 or the unfair prosecutor couldn't do it this week in what was a layup. That economic speech should have been a layup, and it certainly wasn't. That was bizarre. And you know, so I don't think he can I don't know what is happening with him. You know, there's not nearly enough discussion about his cognitive abilities because he seems to jump from thing to thing. but I don't think he can he can do that. She will be pushing the economy, including on tariffs. Just this week, Goldman Sachs backed her on this issue with which is that would be a high cost to Americans to have tariffs. And then Mark Cuban, a pretty prominent investor, was saying she's good for the economy. She's got a lot of people saying she will be. So I think she should focus on that as well as the last thing. Abortion and children's safety. This this shooting in Georgia was disturbing, but the idea of keeping kids safe and having women have control of themselves, I think are big issues. Kristen, it is pretty remarkable that 60 days before the election on Friday, Trump held a 45 minute news conference to complain about the aging Carroll case and then to call out not just her, but several women who have accused him of sexual misconduct can he, for the 90 minutes of that debate, stay away from that and focus on issues, not his past grievances? The only reason I think that it's even remotely possible is because of the relative restraint that he showed during his debate with Biden, where that was one where he could have unleashed himself in full and and undercut his own message. But he didn't. He was able to hold it together for 90 minutes. So, well, in general, the idea of Donald Trump and restraint going together does not seem like we should expect it. There's a chance he could hold it together, and it's essential that he does, because every time he reminds the voters who think unfavorably about him why they think unfavorably about him, it makes it harder for him to get those voters to say, but you know what? I'll stomach it and I'll vote for him because of policy. Well, let's talk policy. Then there's Harris breaking with Biden, saying she wants to tax capital gains at a much lower rate than the president. But the Wall Street Journal points out, look at this chart. She would actually raise the tax rate from where it is, just not as much as Biden. She would raise the capital gains tax rate by almost 40%. Ryan, can Harris be convincing as a pro-business centrist? So to be clear, here she is moderating by saying she's going to raise the capital gains tax rate to where it was in 1978, when Jimmy Carter believed that the capital gains tax rate was too high. I think that, you know, look, she has a very long track record of taking very firmly left wing positions on economic policy issues. She is part of administrate ation that has moved economic policy in the US quite firmly and decisively to the left. She can try to, you know, use vague terminology. She can use vibes and joy. But the fact of the matter is that when it comes to those core bread and butter issues, the Biden-Harris administration passed the American Relief Plan, which sparked an historic wave of inflation. That's a very, very tough record for her to run away from. She can try. She can try to course correct. But even here, you're seeing that she can only go so far, but she's hemmed in by a base that she's anxious about holding on to that wants her to move further left still. But and Cara kind of refer to this. 88 business leaders, including Mark Cuban and James Murdoch, endorsed Harris Friday, saying that she would be much better for the economy. Let me ask you, Lulu, can Harris convincingly sell us off to American voters in this debate as pro-business? Well, I think so. you know, to Ryan's point, the issue at hand here is that this is an incredibly unequal economy, and you have the haves and you have a great deal of the have nots and how do you tackle that? And on the one hand, you have Donald Trump saying we're going to put in tariffs. Now what? Tariffs are basically a tax on consumption that raises prices for the people who consume. And that hits hardest to the poorest members of our society. You know wealthier people can afford to pay for it. middle class people and lower income people can't. So his idea of just raising tariffs and raising tariffs, that's what his entire economic message was this past week, basically telling everyone he was going to raise tariffs. That's been roundly shown by most mainstream economists to be absolutely crazy. And so by weight, by talking about capital gains, what you're talking about is actually taxing businesses that have just made out like a bandit in this recent economy. So like, so it's just a way of true I mean, I pay capital gains any time you sell a stock, you have to pay. And also workers effectively pay it. If you're looking at the incidence of corporate taxes, it affects a wide range of folks, including the jobs that are not created otherwise. But when we're talking about tariffs, here's the difficult thing. The Biden-Harris administration has sharply increased tariffs. They use this in part as a strategy to regain the blue wall. They have been very much a protectionist administration. So it's true that Trump is going pretty far on that front. But the Biden-Harris administration did as well. It's come on, he's gone. So far on tariffs. He should stamp it on the top of his head with a tea. This is absolutely he is going far too far right. Absolutely absolutely embraced by him. It doesn't matter because he's now been one in consumer. It doesn't matter because he's saying it more. So he's owning it now whether they don't matter to you. And I agree that it doesn't matter too much of the press corps, but the fact of the matter is that the Biden administration has sharp. That may be, but Trump has decided to take it and run with it, and he's running very far in a direction. It's a little bit trickier for her to make that case. However, he doesn't have to with it. All right. And that's what the debate about the debate no guts, no glory. I'm going to go around questions starting with you. Who's going to win this debate? I think Harris is likely to win, if only because I think the bar is very low. And I think a lot of people are rooting for her to win. When you say people, voters, media, I think it's the media. And some part I think for some of those voters who are swing voters, who really don't like Donald Trump, they're looking for an excuse to not vote for him. Tara Harris I think because I think Donald Trump can't help himself. And looking at her, he has all kinds of issues with her. He's not going to be able to help himself. It's a woman, a woman of color, a tough woman, a likable woman, a woman he finds attract. The whole thing is such a I can't use a curse, but and I, Walt, is such a it's such it messes with his head and he was triggering it's triggering to him and so could be triggered because he can't help himself as you have you seen this week, Ryan? I think it's going to be Trump only because Harris's team has done her a real disservice by not getting her out in front of serious, rigorous interviews more often. So she's going to be brittle, and this is going to be very high stakes. They put her in way too difficult a situation. So the fact the Trump isn't great, you know, she'll win. I think it'll probably be a draw. everyone will take from it what they what they want. It'll be a bit of a Rorschach test as everything has, ended up being. And so Harris will stumble in some cases, Trump will stumble in some cases. And I think people will take with that what they will. And at the end of this huge event, we're all going to talk about, the race will still be neck and neck.

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