What Kind of Economic Impact Could the 2024 US Election Bring
Samantha Torres
Jefferson High School
Winner 2024
Every four years, Americans make a decision that affects not only politics but also the country’s economy, prices, living standards, and even the global financial system. The U.S. economy remains the most influential in the world, and everything that happens here echoes far beyond its borders. Today, the country is going through a difficult time: inflation remains high, the cost of living continues to rise, the national debt is increasing, and wages are not keeping up with expenses. That’s why the 2024 election is especially important — the new president will decide how the U.S. will handle these challenges and what course the nation will take in the coming years.
Possible Consequences of Donald Trump’s Victory
If Donald Trump becomes president again, his economic policy will likely become much tougher. He has already promised to raise tariffs on imports from China from 12% to 60%, and on goods from other countries from 2% to 20%. This is a serious and rather risky step that could completely change the U.S.’s role in global trade. During his previous term, Trump also raised tariffs, but back then, they affected only about 14% of imports. This time, the new measures could cover almost all imported goods, roughly 4 trillion dollars a year.
On one hand, this could stimulate domestic production and create more jobs in the U.S. On the other hand, higher tariffs will almost certainly lead to higher prices and faster inflation. Trump has also repeatedly said that he is ready to cancel tax benefits for companies investing in “green” energy, though many experts doubt he will actually take this step.
If his economic plan comes to fruition, the stock market, according to analysts, could grow mainly due to lower corporate taxes and deregulation. However, if this causes inflation to rise, investors will likely move toward safer assets, leading to market fluctuations and instability.
Economic Strategy of Kamala Harris
If Kamala Harris wins the election, U.S. economic policy will likely remain close to Joe Biden’s course. Her main focus will be on developing infrastructure, supporting the middle class, and promoting environmentally friendly technologies. Harris is expected to continue implementing a $1.2 trillion, five-year infrastructure program.
She is also proposing several specific steps to help people cope with rising prices. Among them are $40 billion for building 3 million affordable homes, simplifying construction permits, setting price limits on food and medicine, including insulin, and writing off $220 billion in medical debt, which currently affects 20 million Americans. These measures are aimed at reducing the financial burden on low- and middle-income families and supporting consumer spending.
However, her plans to raise taxes for large corporations and wealthy Americans may cause tension in business circles. Economists note that price controls can help contain inflation, but, at the same time, reduce company profits and weaken their investment interest.
Trade and Immigration Policy
The differences in approach between Trump and Harris are especially clear when it comes to trade and immigration. Donald Trump supports strict protection of the domestic market — he wants to reduce imports and limit immigration, including mass deportations. According to him, up to one million people could be deported from the country. Kamala Harris, on the other hand, focuses on cooperation: she advocates protecting migrants’ rights and strengthening partnerships with other countries, including in climate and trade.
Conclusion: The Impact of the Elections on the Economy
Americans are facing a difficult choice — to once again put their trust in someone whose past decisions were often alarming but brought results, or to choose a new player on the political stage who promises stability and predictability.
If Donald Trump wins, the country’s direction will be drastically different from the course set by Joe Biden. Lower taxes, cuts to “green” programs, and higher tariffs are expected. These measures could give the economy a quick boost, but they also come with new risks. If Kamala Harris wins, we’ll likely see a more cautious, gradual approach focused on supporting families, investing in infrastructure, and strengthening international partnerships. At the same time, no matter whose name we keep hearing after the election, the impact of that choice will be felt around the world.
As someone studying economics, I understand that elections are more than just politics. They are a moment when society decides what kind of future it wants — fast but risky results, or steady, long-term growth. And the path Americans choose in 2024 will affect not only their own lives, but also the fate of many other countries.