Republican National Convention focuses on Trump’s economic plans
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The Republican National Convention focused on Trump's economic plans, including tariffs, tax cuts, and no taxes on tips. However, few details were provided. Trump's campaign is betting that voters care more about attitude than policy specifics. Trump wants tariffs on trade partners, no taxes on tips, and a lower corporate tax rate. The platform also promises to defeat inflation, bring down prices, and increase oil, natural gas, and coal production. Democrats and economists argue that Trump's ideas would cause inflation, harm the middle class, and increase the national debt. Trump's campaign declined to answer economic questions and instead directed to video clips of him. In contrast, Biden has an exhaustive 188-page budget proposal. Trump's plans have bipartisan backing on banning taxes on tips and cutting regulations. However, companies generally dislike tariffs as they can raise costs for consumers. Trump's tariff plans could worsen inflation. The Republican National Convention also discussed illegal immigration and scrapping Biden's policies on electric vehicles and renewable energy. Deporting 1.3 million workers could shrink the U.S. economy by 2.1%. Trump's second term would focus on the needs of business to drive economic growth. Trump's tariff policies could make it more expensive to bring in raw materials and raise prices for consumers. The Republican National Convention focused on Trump's economic plans, but offered few details.

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https://fortune.com/2024/07/16/rnc-trump-economic-plans-tariffs-tax-cuts-no-taxes-tips-few-details/