(NewsNation) — More economists believe that inflation will rise at a higher rate under former President Donald Trump than it would under Vice President Kamala Harris, according to a survey by The Wall Street Journal.
The percentage of economists who hold this belief rose significantly from the Journal’s last survey, which was before both candidates released their major policy proposals.
“Of the 50 economists who responded to the survey’s question on inflation, 68% said prices would rise faster under Trump than under Harris. That was up from 56% in July,” the Journal wrote.
Twelve percent of the economists surveyed said they believe that inflation would be higher under Harris, while 20% believe there would be “no material difference.”
One expert said the spike in the percentage of economists who see a second Trump term producing higher prices is because of Trump’s tariff plans. He has proposed 10% to 20% tariffs on all imported goods and a 60% or higher tariff on imports from China.
“If the tariffs work the way economists think they work, I think people are in for a very nasty surprise,” Philip Marey, senior U.S. strategist at Rabobank told the Journal.
Trump has also called for the elimination of taxes on Social Security income, overtime pay, tips for hospitality workers and for lowering the taxes levied on Americans who live outside the U.S.