Trump proposes significant tariffs on foreign goods to boost U.S. economy and reduce deficit

President-elect Donald Trump plans to implement significant tariffs on foreign goods, especially from China, with rates between 60% and 100%. He also proposes a universal tariff of up to 20% on imports from other countries. This approach marks a shift from previous administrations, allowing Trump to impose tariffs without congressional approval under Section 301 of the Trade Act of 1974. The goal is to protect U.S. industries and address unfair trade practices. The Congressional Budget Office estimates the 2025 deficit could reach $2 trillion, while Trump's tariffs may reduce it by about $200 billion. However, past tariffs have raised consumer prices, impacting American households financially.