Mark Cuban reveals why Kamala Harris' tax plan will beat Donald Trump's

Newsweek quotes Abigail Cooke in an article reporting on why businessman and investor Mark Cuban believes that Kamala Harris’ tax plan will beat Donald Trump’s when it comes to businesses that import products. “There are two things missing from the overly simplified idea that placing tariffs on other countries’ products hurts those foreign producers and helps American producers,” Cooke said. “First, it raises prices for American consumers. We've just gone through a period of relatively elevated inflation rates that have made American consumers really upset. Tariffs contribute to higher prices. “Second, American producers rely heavily on imported inputs. There are virtually no American-only-made supply chains. So tariffs also hurt many American producers. Tariffs, especially for a relatively wealthy country like the U.S., are a blunt economic tool with many of the costs also borne at home in the U.S.”