Debate highlights on trade and tariffs

Donald Trump and Kamala Harris clashed on China policy during the presidential debate hosted by ABC News on Tuesday night stateside.

Trump defended his recent vows to increase trade duties, including blanket tariffs of 10% to20% and additional tariffs of 60% to 100% on China. 

“Other countries are going to finally, after 75 years, pay us back for all that we’ve done for the world, and the tariff will be substantial,” the former president said, adding that his administration had taken in “billions and billions of dollars” from China.

He also pointed out that the Biden-Harris administration maintained most of the Trump administration’s tariffs on China.

“They never took the tariff off, because it was so much money. They can’t, it would totally destroy everything that they’ve set out to do,” he said.

Trump also downplayed concerns that his tariff policy would increase prices for consumers.

“What’s going to happen and who’s going to have higher prices is China and all of the countries that have been ripping us off for years.” 

Meanwhile, Harris argued that the Trump administration was weak on China. 

“Under Donald Trump’s presidency, he ended up selling American chips to China to help them improve and modernize their military,” Harris said in apparent reference to the current administration’s ramped-up efforts to restrict the sale of advanced semiconductors to adversaries.

“[He] basically sold us out when a policy about China should be in making sure the United States of America wins the competition for the 21st century,” she said.

“What that requires, focusing on relationships with our allies, focusing on investing in American-based technology so that we win the race, on AI, on quantum computing, focusing on what we need to do to support America’s workforce.” 

Economists and policy experts previously told CNBC that Trump’s economic policy on China in a second term would be expected to focus on heavy trade tariffs. In contrast, Harris is expected to focus more on targeted restrictions coordinated with U.S. allies.