Can someone, anyone, explain to the president that tariffs are paid by the IMPORTER. China does not pay the tax nor does any other nation.
So if, as the president claims, America will get rich on tariffs, then the Federal Government will get wealthy off the backs of you and I because that increased cost will be passed right to the end consumer.
And let me add something we all know, the cost of everything will skyrocket if it is manufactured in the US. Do you think Americans will produce wiring harness or a plastic toy for $30 a day?
Yeah, me neither.
Edit: this on, off, on again tariff whiplash is a drain on the economy. I get this is real estate-type negotiations, but it makes it impossible to plan and run a business.
4 comments:
Explain why it’s ok for us to pay a tariff to Canada but not ok for them to pay?
Melissa
Because we do not pay the tariffs to Canada see above. The importer pays the tariff.
You're right on this one.
It is true, all this talk about tariffs (both to dismiss, and to get people to wring their hands in worry, etc.) is exhausting. But I am shocked that so far, no one has taken the brief time it would take to look into what those who have spent the time really studying the matter. Instead, all we get is opinions.
"Milton Friedman strongly opposed tariffs, arguing that they harm both the imposing country and its trading partners. He believed that free trade benefits all economies involved and that tariffs are essentially taxes that raise prices for consumers". "The answer I’m giving is not my answer, it was the answer that was given by Adam Smith…in 1776 in “The Wealth of Nations.” From that time to this, hardly any professional economist has believed in tariffs or protection or anything but free trade". And, " . . it makes it appear as if tariffs help the country imposing them but hurt the other countries. In truth, the situation is quite different. Our tariffs hurt us as well as other countries.”
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