Mod: Like most things with Trump, he's lying about it.
Trump’s Tariffs Are a New Tax on Americans - President Trump is undermining the credibility of his trade policies by falsely claiming that China is paying the bill (
The New York Timeslink):
President Trump’s new tariffs on
Chinese imports, which took effect at 12:01 a.m. on Friday, are taxes that will be paid by
Americans. That is a simple fact, and it remains true no matter how many times
Mr. Trump insists the money will come from
China.
Mr. Trump’s latest escalation of his trade fight with
China is a 25 percent tariff, or import tax, on products that compose about one third of
China’s exports to the
United States, including
Chinese bicycles, circuit boards and wooden doors. The tariff rate on those goods was previously 10 percent.
Mr. Trump also has threatened to impose the 25 percent rate on virtually all products imported from
China— more than $500 billion in goods last year.
Mr. Trump could make an honest case for this tax increase. He could argue that
Americans must endure higher prices because
China will suffer too — while
China does not bear the direct cost of the tariffs, it is likely to suffer a loss of sales — and the
United States needs that leverage as it presses
China to change its economic policies.
Instead,
Mr. Trump continues to repeat the false claim that the money will come from
China, even though he has been told repeatedly that this claim has no basis in fact. He is willfully peddling a falsehood for political gain.
The mechanics of tariffs are not complicated: The government sends a tax bill to the company that brings goods into the country. Most of those tax bills go to
American companies, often import firms that specialize in dealing with the customs process.
It doesn’t really matter who gets the bill, however. The important question is where the money to pay it comes from. And in broad terms, there are only two options: It comes either from the firms that make, move and sell the products or from the pockets of the buyers.
Mod: Most of it will be paid by you. The rest of the article is available at the link.
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