“If he carries through on what he said during his campaign, there will be an inflation shock significantly greater than the one the country suffered in 2021,” Summers told Kate Bolduan on CNN News Central on Wednesday. Consumer prices started increasing rapidly in the spring of 2021, with inflation eventually peaking at a four-decade high of 9.1% in June 2022. “I hope that he will get the message from this election and adjust his programs so that it’s not inflationary,” Summers told CNN. “In his first term, President Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation,” Karoline Leavitt, a Trump transition spokesperson, said in a statement. They just didn’t want the consequences that came with it in terms of increased inflation,” Summers said.

Source: CNN November 13, 2024 21:21 UTC