As the economy emerges as a top priority for voters, experts are closely examining the economic policies proposed by Vice President Kamala Harris and former President Donald Trump. While Harris has focused on domestic issues, Trump's agenda has a strong international focus aimed at competing with China. Both candidates' plans are expected to significantly impact the national debt, with experts warning of potential consequences for America's global standing.

Charting a Course Through Economic Uncertainty

Kamala Harris' Domestic Approach

Vice President Kamala Harris has largely centered her economic platform on supporting American families through proposed tax credits and incentives. She has also emphasized the need for the wealthy to "pay their fair share in taxes." However, some experts argue that this domestic focus could leave the United States vulnerable on the global stage."If we step back and say, well, let's just kind of see how things unfold. Let's focus on America and helping young professionals, helping first-time homebuyers, things of this nature, that's all well and good. But meanwhile, if that allows China and their economy to really become a bit more dominant, that can have long-term consequences to our global standing as No. 1," warns financial adviser Bryan Kuderna.Chief economist at the International Center for Law & Economics, Brian Albrecht, concedes that it is "a bit concerning that Harris has not brought out a more concrete plan about what she would do related to tariffs, international trade and immigration and things like that." However, Albrecht also acknowledges that Harris is in a difficult position, as she needs to defend an administration that has largely maintained the tariffs implemented by the Trump administration.

Donald Trump's International Approach

In contrast, former President Donald Trump's economic agenda has a strong focus on competing against China on the global stage. Trump's plan includes imposing a universal tariff on all U.S. imports of 20%, raising Section 301 tariffs on China to 60%, and levying a 10% foreign retaliation tariff on U.S. exports to China.Kuderna summarizes Trump's vision as one where the administration would "help domestically by cutting regulation, by lowering taxes, letting the American people and American corporations lead the way on their own by getting out of their way, and then as the U.S. government, we're going to go abroad and make sure that we can keep China in check and then work on Iran, the Middle East, Russia, Ukraine, all these other little fires that have been expanding."However, Albrecht warns that Trump's increased emphasis on tariffs is a "major concern" for consumers and U.S. manufacturing. "We know from economic research that that cost is ultimately borne by consumers but also affects U.S. manufacturing. So, in the name of protecting U.S. manufacturing from competition with China, you're actually hurting U.S. manufacturing," he argues.

Weighing the Potential Consequences

Both candidates' proposed economic agendas are expected to substantially add to the U.S. national debt. The Committee for a Responsible Federal Budget calculated that Trump's plan could add roughly $8 trillion to the debt by 2035, compared to roughly $4 trillion under Harris.Kuderna acknowledges the potential short-term pain that could come with Trump's tariff-heavy approach, but he also sees the possibility of long-term gains. "We always hope for a bigger, better economy and that we can tax everybody less as they grow, grow, grow and then make the rest of the world pay for it. That all sounds good, but in practicality, there would be some short-term pain to maybe get to that long-term gain," he says.Albrecht, on the other hand, argues that the math behind Trump's tariff plan "just doesn't add up." He warns that if the tariffs were implemented, they would not generate enough revenue to offset the potential loss in domestic tax revenue, potentially leading to an increase in the national debt.As voters head to the polls, the economy remains a top concern, and the contrasting economic visions of Kamala Harris and Donald Trump will undoubtedly play a significant role in shaping the outcome. Experts caution that the long-term consequences of either candidate's policies could have far-reaching implications for America's global standing and economic prosperity.