If you think Trump’s tariffs aren’t going to affect you, think again. The price of a new car could increase $5,800. The cost of washers, dryers and dishwashers already have increased 17 percent and televisions 25 percent. His tariffs on aluminum will even increase the cost of a Coke and a beer.
Understand that a tariff is a tax labeled “duties” that the government collects and that you, the taxpayer, will pay the increase when you buy the product. Overall, American consumers will pay a tax of $45 billion. Kind of eats up the income tax break you think you got.
Tariffs and trade barriers tend to be pro-producer and anti-consumer. But, when China retaliates with tariffs on soybeans from Iowa, orange juice from Florida and autos from the Rust Belt, it will be producers who also will be hurt.
Remember that the billionaires won’t be hurt much by this as long as their stock goes up. The people who will pay the prices of Trump tariffs are the ordinary working people and retirees.
What is sadly humorous is that Trump levied a tariff on Canadian steel, and the fact is that Canada buys some of its iron ore from America. Is that what is called “cutting off your nose to spite your face?”