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Donald Trump’s No-Good, Very Bad Tariff Plan Would Cost American Families $1,500 Every Year: Report


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Donald Trump’s No-Good, Very Bad Tariff Plan Would Cost American Families $1,500 Every Year: Report

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When Donald Trump announced last year that in a second term, he wants to put an automatic tariff of 10% on all imports to the US, the response from economists on both sides of the aisle was overwhelmingly negative—to put it mildly. Adam Posen, president of the Peterson Institute for International Economics, called the plan lunacy and horrifying and said it would cause other major economies to conclude that the US is not a trusted trading partner. Paul Winfree, who served as Trump’s deputy director of the Domestic Policy Council, warned that a tariff of that scope and size would impose a massive tax on the folks who it intends to help. Michael Strain, an economist at the American Enterprise Institute, predicted that it would be a disaster for the US economy. It would raise prices for consumers and be met with considerable retaliation from other nations, which would raise the costs facing US businesses. It would reduce employment among manufacturing workers. It would be very, very bad.

Seven months later, the numbers have been crunched, and we now have a concrete idea about how a 10% tariff would affect the people it’s supposed to help, i.e., Americans. Do the numbers vindicate Trump? In a word, no. In 13 words: No, they just further reveal what a terrible idea this whole thing is!

An automatic 10% trading tariff on all imports to the US would result in a $1,500 tax increase annually for typical households, and dramatically increase the cost of goods for families across the country, according to an analysis from the Center for American Progress Action Fund published on Wednesday. Speaking to Semafor, Brendan Duke, a senior director of economic policy at CAP and co-author of the study said, "A lot of that will take the form of price increases at the grocery store, at the gas pump, at the car dealership and on Amazon. In an election over the cost of living, we have a candidate who’s proposing a $1,500 tax increase. On the flip side, the report finds that the tariff would fail to significantly boost US manufacturing and jobs. It also does not hit China where it hurts, as Trump regularly says he wants to do." As Ryan Mulholland, a senior fellow for international economic policy at CAP and coauthor of the report, noted to Semafor, roughly 60% of the goods imported to the US are from friendly trading partners like Canada, Mexico, and the EU.
"This proposal is not about China. It mostly taxes countries we have good relationships with, countries that are partners standing up for democracy and building a global economy that works for the middle class," Mulholland told the outlet. 

Get ready right wing Canucks. Trump is GUNNING FOR YOU.

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Look. most people are so dumb they think the other country pays the tariff. They have no idea that YOU pay the tariff out of your own pocket. Tariffs are an excuse to remain uncompetitive, reduce consumer choice, & international trade and invite retaliation by countries you do trade with.
 

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2 minutes ago, herbie said:

Look. most people are so dumb they think the other country pays the tariff.

That's because that's what Trump tells them and the MAGA CULT believes everything he says.

2 minutes ago, herbie said:

They have no idea that YOU pay the tariff out of your own pocket.

IF the higher price due to tariff reduces demand sufficiently, the tariff cost MAY be split in some way between the buyer  and supplier discounts.

2 minutes ago, herbie said:

Tariffs are an excuse to remain uncompetitive, reduce consumer choice, & international trade and invite retaliation by countries you do trade with.

They MAY promote domestic production at the cost of higher prices.

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58 minutes ago, herbie said:

Look. most people are so dumb they think the other country pays the tariff. They have no idea that YOU pay the tariff out of your own pocket. Tariffs are an excuse to remain uncompetitive, reduce consumer choice, & international trade and invite retaliation by countries you do trade with.
 

Yes well...your free trade and deindustrialization has been tried...and flopped.

Bringing fabrication and industrial companies back to America is a good thing. Not bad. Unless...of course...you want America to be completely reliant on other nations?

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18 minutes ago, Nationalist said:

Yes well...your free trade and deindustrialization has been tried...and flopped.

Bringing fabrication and industrial companies back to America is a good thing. Not bad. Unless...of course...you want America to be completely reliant on other nations?

For someone who bitterly complains about inflation, you are completely naive about stoking more inflation with more expensive domestic production.

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1 hour ago, herbie said:

Look. most people are so dumb they think the other country pays the tariff. They have no idea that YOU pay the tariff out of your own pocket. Tariffs are an excuse to remain uncompetitive, reduce consumer choice, & international trade and invite retaliation by countries you do trade with.
 

Just like all taxes on companies foreign or domestic, the consumer pays the price.

You increase wages we all pay for those wage increases. That is why a Big Mac meal in California are paying 4 dollars for McDouble which used to be on the dollar menu.

I am glad you understand basic economics.

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11 minutes ago, robosmith said:

For someone who bitterly complains about inflation, you are completely naive about stoking more inflation with more expensive domestic production.

Only if you're a complete dunce and don't understand that more industrial jobs mean less people working for minimum wage. Plus having a secure supply of goods.

But hey...look who I'm explaining basics too.

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10 minutes ago, Nationalist said:

Only if you're a complete dunce and don't understand that more industrial jobs mean less people working for minimum wage. Plus having a secure supply of goods.

But hey...look who I'm explaining basics too.

I didn't say there are not benefits. IF YOU READ my post above, I've already admitted:

1 hour ago, robosmith said:

They MAY promote domestic production at the cost of higher prices.

But don't let that stop you from doing your childish "victory" dance. LMAO

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42 minutes ago, Nationalist said:

Yes well...your free trade and deindustrialization has been tried...and flopped.

Tell me how a 55" flatscreen for 1/2 the price as my 26" CRT was in 15c valued for inflation dollars was a flop. Like the millions of minivans sold in US markets. All the jobs in ports and transport.

You're whining about 3.5¢ gas tax and suggesting we go back to paying $1499 for $399 outboard motors like before the Trade Agreements. $3 for Mr Noodles too?

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28 minutes ago, Fluffypants said:

You increase wages we all pay for those wage increases. That is why a Big Mac meal in California are paying 4 dollars for McDouble which used to be on the dollar menu.

OMG! The horror! It cost them an extra penny so they raised it a dollar, it's the employee's fault. It's in the Bill of Rights for companies to rip you off for as much as they can. The Pursuit of HappyMeals clause.

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1 hour ago, herbie said:

Tell me how a 55" flatscreen for 1/2 the price as my 26" CRT was in 15c valued for inflation dollars was a flop. Like the millions of minivans sold in US markets. All the jobs in ports and transport.

You're whining about 3.5¢ gas tax and suggesting we go back to paying $1499 for $399 outboard motors like before the Trade Agreements. $3 for Mr Noodles too?

Meh...dopey folks will be dopey.

Remember, 'OMG! We're at the mercy of the Chinese for supplies!'

Like I said, when McDonald's returns to being a job for teens, and adults are working in factories, household incomes rise.

But ya...you be dopey.

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The teens worked at the finger joint mill for $20 hr, the food joints were TFWs and hire the toodumb to tie their own shoes teens - if there was a hire the handicapped govt incentive.

Solly no bless wif KFC spesha oh knee duck mit. You buy bucket get bless mit.

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17 hours ago, Nationalist said:

Only if you're a complete dunce and don't understand that more industrial jobs mean less people working for minimum wage. Plus having a secure supply of goods.

But hey...look who I'm explaining basics too.

Dunce? What's a good word for someone who thinks he can put toothpaste back into a tube? Or some who thinks 10% tariffs will make industrial corporations close their maquiladora factories in Mexico and child-labour sweatshops in Sri Lanka and open good-paying facilities in the US?

"Foreman said these jobs are goin', boys, 'n they ain't coming back."

Forget it. The days of America being the world's workshop are gone. Ship done sailed. What you are, for now, is the world's marketplace.

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12 hours ago, herbie said:

The teens worked at the finger joint mill for $20 hr, the food joints were TFWs and hire the toodumb to tie their own shoes teens - if there was a hire the handicapped govt incentive.

Solly no bless wif KFC spesha oh knee duck mit. You buy bucket get bless mit.

I do so enjoy when you hard-core Libbies let yourselves speak honestly.

Man, why do you hate people so much?

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1 hour ago, reason10 said:

Vanity F@g? Seriously? What's next, Mary? The VIEW?

Unelected Joe's policies have cost American families TWICE that every year.

Beats your LACK OF ANY EVIDENCE.

And ZERO proof from you to back your disparagement of Vanity Fair.

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On 4/6/2024 at 11:28 AM, 9ncog9nto said:

Dunce? What's a good word for someone who thinks he can put toothpaste back into a tube? Or some who thinks 10% tariffs will make industrial corporations close their maquiladora factories in Mexico and child-labour sweatshops in Sri Lanka and open good-paying facilities in the US?

"Foreman said these jobs are goin', boys, 'n they ain't coming back."

Forget it. The days of America being the world's workshop are gone. Ship done sailed. What you are, for now, is the world's marketplace.

Actually...I could put toothpaste back in the tube but, that's because I'm mechanically inclined.

The POTUS nor the government can "force" manufacturing and industry back to America. They can impose tariffs, they can provide incentives, they can make "Made In America" mean something again. Not only that but, if executed by someone who can put the toothpaste back in the tube, American business can and will re-build in America. The market is simply too big to ignore.

Off the top o' my mechanically inclined head...

1. Free up and promote the oil and gas industries.

2. Impose higher tariffs and provide incentives for production simultaneously, in the US.

If you remember, Trump did exactly that in his term. The results were excellent and they extended internationally. Had The Rona not happened, things would be a lot different today.

If you're...you know...mechanically inclined...

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