Economists say Trump off on tariffs' impact | Forum

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alisa086
alisa086 Dec 4

Trump seems to be claiming that tariffs are some kind of a membership fee for foreign companies to trade Newport cigarettes,newport box 100s menthol cigarettes in the U.S. economy.

They're not. Tariffs are a tax, per Article I, Section 8 of the Constitution.

The costs of this tax are borne by U.S. consumers and businesses, often in the form of higher prices. Foreign companies may end up selling fewer goods and services if the United States imposes high tariffs. So they pay a price, too.

In some cases, the tariffs exist to protect industries that are vital for national security. Or, the tariffs exist to retaliate against the trade practices of other countries. Or, they might protect politically connected companies.

In the past, White House aides have insisted that Trump's tariff hikes are a negotiating ploy. Yet the president offered no such qualifications on Tuesday.

Tariffs are not seen as some easy way  Newport Cigarettes Shop,Cheap Newport Cigarettes Online Sale of generating massive wealth for an economically developed nation. Nor do the budget numbers suggest they can come anywhere close to covering the costs of the federal government.

Trump is correct that tariffs did generate $41.3 billion in tax revenues last fiscal year, according to the Treasury Department. But that is a pittance in a federal budget that exceeds $4.1 trillion.

The taxes collected on imports were equal to about 1 percent of all federal spending.










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