Sorry Trump, But China Doesn't Pay For Your Tariffs -- Consumers Do
Trump once again spouting easily disprovable lies during another one of his cult rallies in Philly.
I guess he's pushing back against recent reporting that he's proposing a 10 percent across the board tariff on all imported goods to the United States, which would do great harm to average working people:
The idea, he has said, is to protect American jobs as well as raise more revenue to offset an extension of his 2017 tax cuts.
But that proposal would likely backfire, effectively acting as a tax on U.S. consumers, economists spanning the political spectrum say. If the tariffs are enacted — with Trump also proposing a levy of 60% or more on Chinese imports — a typical middle-class household in the U.S. would face an estimated $1,700 a year in additional costs, according to the non-partisan Peterson Institute for International Economics.