Tim Reid
(Reuters) – Sixteen Nobel Prize-winning economists signed a letter on Tuesday warning that the U.S. and global economies would suffer if Republican presidential candidate Donald Trump wins the U.S. presidential election in November.
The co-signed letter, first reported by Axios, said Democratic President Joe Biden’s economic policies are “far superior” to those of former Republican President Donald Trump, who is seeking a second term.
Economists say President Trump’s economic plans will rekindle inflation, in part because of his pledge to impose tougher tariffs on Chinese imports, which would make many goods purchased by American consumers more expensive.
“While we each have different views on the details of various economic policies, we all agree that Joe Biden’s economic policies are far superior to those of Donald Trump,” the economists said in the letter.
“We believe a second term for Trump would have a negative impact on America’s economic standing in the world and would destabilize the US domestic economy.”
The letter was signed by prominent economists including Joseph Stiglitz, who won the Nobel Prize in Economic Sciences in 2001, and Sir Angus Deaton, who won the Nobel Prize in Economic Sciences in 2015.
Biden and Trump are locked in a tight race, with the Nov. 5 election decided by voters in several battleground states who tend to vote Republican or Democratic.
Polls show that while headline inflation has slowed over the past two years, many American consumers remain frustrated by rising prices for food, gasoline and other goods.
President Trump has promised to impose tariffs on foreign imports, stating he would impose a tariff of at least 60% on Chinese products coming into the United States, but economists say the costs would be passed on to American consumers in the form of higher prices.
“Many Americans are concerned about inflation, which has fallen surprisingly quickly, and are rightly concerned that Donald Trump will reignite it with his fiscally irresponsible budget,” the letter said.
The Trump campaign did not immediately respond to a request for comment. Biden campaign spokesman James Singer said Trump’s economic policies are dangerous.
The US economy will be a major theme in the first presidential debate between Biden and Trump on Thursday, with Trump blaming Biden for high prices and inflation, while Biden argues that Trump’s trade policies, including tariffs, are fueling inflation.
(Reporting by Tim Reid; Editing by Ross Colvin and Stephen Coates)