Republicans are already trying to give Trump dangerous powers

“(Trump’s plans) will come at the cost of potentially bigger budget deficits, potentially bigger debt, and there’s also the inflation dimension,” Charles-Henry Monchau, chief investment officer at Banque Syz & Co, told the business publication. “There has been a realization that there is a price to pay for this.”

Trump has put forward several tariff ideas – including an impossibly high increase in imported goods in between 200 and 2,000 per cent– which experts believe will increase inflation drastically. Companies across the country have balked at his numbers, arguing that it will be Americans, not foreign countries, who are there pay the price. To prepare for a potential second Trump administration, companies whose business models rely on foreign suppliers, from the auto industry to some of the country’s most popular clothing lines, plan to introduce price increases on their products.

Trump has also proposed a more modest 20-60 plan, in which a potential second Trump administration would impose a 20 percent worldwide tariff along with a 60 percent tariff on Chinese goods. But even that plan would prove devastating to the economy, according to one analysis by the nonpartisan Tax Policy Center, which found it would lower household incomes by an average of $3,000 by 2025.