Any economist worth their degree will tell you that tariffs are nothing more than taxes.
So when anyone - in this case, Trump and his merry band of anti-traders - tell you that they are lowering taxes on you while making trade "more fair", it might pay to examine the claim to see it for what it is.
The question is: who is being taxed by tariffs?
Is it another country, perhaps China? A company, like one of twenty or so Chinese steel companies? Umm, no. The correct answer is YOU, the consumer.
The price you pay for many items is going to rise if the tariffs Trump is threatening are made to occur. And the "YUGE" costs enacted on everyone in the world if a trade war ensues will be paid by people, not countries and not companies.
That's rich people and poor people and everyone in between. Because only people pay taxes in the end.
So let's call a spade a spade. And in this global game of Euchre, spades are trump.
1 comment:
Very well said, Grant. Maybe he'll hire you tou replace the economic advisor who just quit over the tariffs. But then again, you would hate it because he would never take your advice.
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