Dooling economics on the campaign trail.

For Marketplace, I'm Sabrie Benashore in for David Brancaccio.

Former President Barack Obama is set to speak tonight at the Democratic National Convention in Chicago, the theme today a bold vision for America's future.

Part of that vision, the U.S. economy. President Joe Biden spoke at the Convention last night

highlighting his administration's economic policies.

Former President Donald Trump was also talking about the economy on the campaign trail.

Marketplace's Nancy Marshall Genser has more.

President Biden touted his record on job growth and small business growth.

He said under his watch, wages have risen and inflation is down.

And while Biden has kept in place some of former President Trump's tariffs, he said

new across-the-board tariffs Trump is proposing go too far.

Donald Trump wants new tax on imported goods, food, gas, clothing, and more. You know what that would cost the average

family, according to the experts? 3,900 dollars a year in a tax. Campaining yesterday in Pennsylvania, Trump said more tariffs are needed to protect U.S. jobs.

We want tariffs. If somebody wants to come in and take our jobs, if somebody wants to come in and sell us their

product that's made in their country, that's okay, but they've got to pay tariffs,

they've got to pay a price for that.

Tariffs are a tax paid by US importers who in many cases passed the cost on to consumers.

Some economists say Trump's tariffs would push up inflation because of those higher prices.

Trump also said yesterday he would revoke China's most favored nation trading status,

which guarantees it'll be treated the same as other U.S. trading partners.

Biden noted the conventional wisdom that China would surpass the U.S. economically was wrong.

I'm Nancy Marshall Genser for Marketplace.

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