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Trump: "Our country is a joke" (he's the punch line). Tariffs are the cover charge [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2025-01-24
A Trump tariff is a tax on Americans. The proposed Trump ‘tax cuts’ will make the rich, richer. It’s all good because Trump says America is a joke.
President Trump said he planned to impose a 10% tariff on Chinese imports into the U.S. on Feb. 1, escalating trade tensions. [image or embed]
Moments after taking office for the second time, President Donald Trump vowed to "tariff and tax foreign countries to enrich our citizens."
Alas, that's not how it works.
The Trump administration’s anti-DEI snitching plan is getting flooded with fake reports after it tried to strong-arm federal workers into ratting out their colleagues. Orange Stasi
Trump's second inaugural address, delivered Monday afternoon from the cozy confines of the U.S. Capitol's rotunda, promised a "golden age of America" and included Trump's oft-repeated campaign trail promise to no longer allow America to be "taken advantage of." As was the case during his first term, Trump sees trade policy as a key tool in accomplishing those goals.
Unfortunately, he's still wrong about how tariffs work. Any new tariffs imposed by the incoming Trump administration will function the same way as every other tariff: It will drain wealth from American consumers and businesses to enrich the U.S. Treasury. That's what tax increases do, even when they are proposed by a Republican president and cheered by a crowd of Republican lawmakers, donors, and administration officials.
Indeed, study after study after study has found that the tariffs Trump levied during his first tenure were paid nearly entirely by American consumers and businesses. The U.S. International Trade Commission concluded in 2023 that American companies and consumers "bore nearly the full cost of these tariffs because import prices increased at the same rate as the tariffs." That matches what economists warned would happen, and there's not much room for debate about these facts. In theory and practice, tariffs are paid by Americans.
reason.com/...?
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