'Shark Tank' star Mark Cuban says Donald Trump's China tariffs would ruin Christmas next year

• Donald Trump's planned tariffs arsenic president frighten to ruin Christmas adjacent year, Mark Cuban said.
• The "Shark Tank" prima said a 60% tariff connected Chinese imports would raise nan value of presents.
• Kamala Harris told Cuban that Trump's economical plans would substance ostentation and origin a recession.

Christmas will beryllium ruined adjacent twelvemonth if Donald Trump is reelected president and enacts his tariff plans, Mark Cuban said.

"To me, I deliberation Donald Trump is nan Grinch that stole Christmas," Cuban told Vice President Kamala Harris successful a speech uploaded to YouTube connected Wednesday.

"This clip adjacent year, we're going to beryllium reasoning astir Christmas presents for each of our kids, and if he puts a 60% tariff connected everything from China, those prices are going up," nan "Shark Tank" investor and tech billionaire told nan Democratic statesmanlike candidate.

"And now each of a sudden, your imagination of everything you wanted to person for your kids astatine Christmas is gone. Donald Trump conscionable crushed it," added Cuban, a vocal Trump critic and Harris supporter.

Trump, nan Republican campaigner successful November's election, has proposed imposing a 60% tariff connected each imports from China, and tariffs of 10% aliases 20% connected imports from each different countries.

The Tax Foundation estimates nan weighted-average tariff complaint connected Chinese imports to nan US is astir 10%. In a caller analysis, nan non-partisan deliberation vessel recovered that imposing a wide 20% tariff and raising tariffs connected Chinese imports to 60% could costs a emblematic family much than $2,600 a year, aliases astir 4.1% of its yearly income.

The Budget Lab astatine Yale estimated this period that a broad 10% tariff and a 60% China tariff could raise user prices by 1.4% to 5.1%. The non-partisan argumentation investigation halfway said that could costs households betwixt $1,900 and $7,600 successful mean disposable income, earlier accounting for substitution aliases nan Federal Reserve's consequence to prices jumping.

Harris told Cuban that Trump doesn't salary capable attraction to nan details: "He is applying a machete erstwhile a scalpel is what's necessary."

She besides contrasted their wide economical plans, saying hers would bolster nan system while Trump's would "incite ostentation and induce a recession by nan mediate of adjacent year."