"I like tariffs." Concerns mount over global economic contraction due to tariff war if Trump wins election

[Anchor]
Former President Donald Trump reiterated his pledge of 10-20% universal tariffs and 60% tariffs on Chinese goods, saying, "Tariffs are the most beautiful words in the world."

Economists have warned that a tariff war could increase the cost of living for households and dampen the global economy.

This is a report by correspondent Lee Seung-yoon from New York, USA.

[Reporter]
Former U.S. President Donald Trump has warned of a tariff war when elected, saying, "Tariff is the most beautiful word in the world."

[Donald Trump / Former U.S. President] Tariffs are the most beautiful words in the world. Only stupid people or politicians hate it because they are stupid or corrupt.

If they come back to power, they will impose a 60% high tariff on Chinese products and a 10-20% universal tariff on goods imported from other countries.

It also pledged to include the full interest on car purchases and loans made in the United States.

On the other hand, it did not specify tax breaks for foreign carmakers that produce millions of cars in the U.S., including Hyundai Motor.

Countries around the world, including France, have begun to prepare for a tariff war as Trump's chances of winning the election grow.

The IMF feared that Trump's election would reduce the size of the global economy by 0.8% and 1.3% in the next year and the year after next, respectively, and that global economic forecasts for next year would also be lower than 3.2%.

[Pierre Olivier Gorinchas / IMF Chief Economist: Undesirable trade and industrial policies can significantly lower economic performance]

Vice President Kamala Harris opposes the universal tariffs Trump claims, but is in favor of raising tariffs on Chinese goods.

[CAMALA HARRIS / VICE PRESIDENT OF THE UNITED STATES: Top economists have seen me and Trump's economic commitments and said my plan strengthens the U.S. economy, and Trump's plan weakens the economy.]

When the United States imposes tariffs on other countries, it becomes difficult to manage prices in each country as the country imposes retaliatory tariffs on the United States.

Economists warn that presidential pledges to raise tariff rates could cause household living costs to soar, hampering economic growth not only in the U.S. but also around the world.

I'm YTN's Lee Seungyoon from New York.