From trade to taxes, Trump would likely change the way the nation’s economy works.
COLORADO, USA — As Donald Trump and Republicans lay out their priorities at the Republican National Committee, 9NEWS is looking at how those policies would specifically impact Colorado.
Trump is promising a radical change to America’s trade policy that would impact how Colorado’s agriculture industry works.
On Colorado’s eastern plains, politics can impact business. Justin Lewton’s family has farmed there since 1919. He knows how tariffs can impact profits.
“As a farmer in Colorado, something like 85% of our products are exported,” Lewton said. “So, tariffs make a big difference that way.”
Donald Trump has promised to impose retaliatory tariffs toward any country that taxes U.S. exports. It would change the way our country trades with the world. Trump argued it would force nations to repeal all tariffs if they wanted to continue trading with America.
“If India, China or any other country hits us with a 100 or 200% tariff on American-made goods, we will hit them with the same exact tariff. In other words, 100% is 100%,” Trump said as he announced his policies on his website.
Trump is also proposing a 10% baseline tariff on all imports.
“A 10% tariff on all products would cost consumers thousands of dollars in additional taxes,” Colorado Democratic Governor Jared Polis said.
Polis completely disagrees with Trump’s economic plans, arguing it would greatly hurt Colorado farmers.
“If America were to do this under Donald Trump, other countries would level punitive tariffs for ‘Made in Colorado’ and ‘Grown in Colorado’ products,” Polis said.
“In general, I think it’s a bad idea because the Chinese have openly said that if the U.S. imposes tariffs on our imports, then they will do the same thing,” said Kishore Kulkarni, Distinguished Professor of Economics, MSU Denver.
Nick Colglazier with the Colorado Corn Promotion Council was in Washington, D.C. Wednesday advocating for farmers back home. While Trump imposed tariffs during his first term in office, President Biden added more on certain products.
“Trade is extremely important to our farmers,” Colglazier said. “Making sure that we have access to other nations and are their preferred trading partners is absolutely essential.”
While Colglazier said beef is Colorado’s top export and corn is crucial for feeding the beef. Tariffs that backfire or are imposed in the wrong way could be detrimental.
“Now with the election cycle in 2024, both parties are talking about tariffs because it’s very good politically, especially in the swing states,” said Jack Buffington, Program Director and Professor of Supply Chain at the University of Denver.
Buffington knows tariffs aren’t the only change to the economy we’ll see if Trump is elected. The Project 2025 agenda, drawn up by a right-wing think tank and former Trump advisors, suggests overhauling the tax system by creating two tax rates. The rates would be 15% for people making less than $168,000 and 30% for people making above that. That would effectively raise taxes for people in the two lowest tax brackets and lower taxes for people in the three highest brackets.
“Populism is really winning,” Buffington said. “What is promised sounds good, but whether it can be enacted when you have legislation split is 50/50.”
America’s vote will impact everyone. Outside of Bennett in eastern Colorado, Lewton’s focus is on continuing to feed the world.
“The wheat that is in those bins equates to just slightly less than 20 million loaves of bread,” Lewton said, pointing at his full bins. “The farm has been here since 1919, so we’ve gone through a lot of different changes.”
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