PNN – 16 winners of the Nobel Prize in Economics have warned in a letter about the consequences of Donald Trump’s victory in the US presidential election on the global and domestic economy of this country and declared that his policies will fuel inflation.
According to the report of Pakistan News Network, citing Reuters, these economists announced in their joint letter on Tuesday that Trump’s economic plans, including his promise to increase tariffs on Chinese goods imports, have led to an increase in the prices of many goods used by American consumers and fueled inflation.
The letter states: Each of us has different views on certain parts of economic policies, but we all agree that Joe Biden’s economic plan is far superior to Trump’s plan.
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The economics Nobel laureates warned: We believe that the second term of Trump’s presidency has a negative impact on America’s position in the global economy and a destabilizing effect on the domestic economy of the United States.
These economists wrote: Many Americans are worried about inflation. There is a lot of concern that Trump will fuel inflation with his irresponsible fiscal budget.
Joseph Stiglitz, winner of the Nobel Prize in Economics in 2001, and Agnes Dayton, winner of the Nobel Prize in Economics in 2015, are among the signatories of this letter.
Trump has promised to increase the tariff on the import of Chinese goods by 60% if he returns to the presidency. Economists say that this decision will increase the cost of goods in the United States.
Although inflation has slowed in the past 2 years, polls show that many American consumers are still unhappy with the high costs of food, fuel and other goods.