US Election Debate: Trump says tariffs will decrease deficits and urges scrutiny of countries like China

The first US presidential debate between President Joe Biden and Republican Presidential Nominee Donald Trump began on CNN News. It is their first showdown of the 2024 election process.

The first question asked was on the state of the economy, including spiraling inflation, and whether it has been worse off after US President Biden took over.

Biden acknowledged that “inflation had driven prices substantially higher than at the start of his term but said he deserves credit for putting 'things back together again' following the coronavirus pandemic,” per Reuters.

Biden said that he aims to reduce housing prices, increase construction, and limit rent caps if he gets elected for the second term.

Trump condemned elevated inflation levels. He suggested that tariffs would decrease deficits and urged scrutiny of countries like China.

When asked about the Russia-Ukraine war, Trump said that If Russia respected President Biden, he wouldn’t have invaded Ukraine. He added that Biden in fact encouraged Putin to get into the war.

“Shortly after I win the presidency, I will have the horrible war between Russia and Ukraine settled,” Trump said.

Biden refuted saying that former President Trump wants to get out of the North Atlantic Treaty Organization (NATO) and start a nuclear war.

Further, both candidates slammed each other on topics such as immigration, abortion rights, foreign policy and the Middle East conflict.

“Would you support the creation of an independent Palestinian state in order to support peace in the region,” CNN moderator Dana Bash asked Trump.

“I’d have to see,” Trump replied.

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US Dollar keeps pushing higher

The US dollar catches a fresh bid against its major currency rivals, mainly driven by surging USD/JPY, as the Japanese Yen slides further. The debate seems to have limited impact across the FX board.