Trump has also proposed a more modest 20-60 plan, in which his second term would impose a 20 percent global tariff alongside a 60 percent tariff on Chinese goods. But even that plan would prove devastating to the economy, according to an analysis by the nonpartisan Fiscal Policy Center, which found it would reduce household incomes by an average of $3,000 in 2025.

One joint letter released last month, nearly two dozen Nobel Prize-winning economists formally warned against Trump’s economic plan, arguing that the MAGA leader’s stiff tariff hikes and tax cuts would spell disaster for the average American.

“His policies, including high tariffs even on goods from our friends and allies and regressive tax cuts for corporations and individuals, will lead to higher prices, higher deficits and greater inequality,” the 23 economists wrote . “Among the most important determinants of economic success are the rule of law and economic and political certainty, and Trump threatens all of them.”