Does Trump understadn how tariffs work?

09 Sep 2024 11:25 #1 by koobookie
Apparently, he does not understand how tariffs work:

Trump has falsely, and repeatedly, claimed that China — not US importers — pay the tariff.

At a rally in Arizona in mid-August, he claimed that Vice President Kamala Harris, his Democratic opponent, is lying when she refers to his tariff plan as a “Trump tax.”

“She is a liar. She makes up crap … I am going to put tariffs on other countries coming into our country, and that has nothing to do with taxes to us. That is a tax on another country,” Trump said.

In September, he repeated the claim during an interview with Fox News: “It’s not a tax on the middle class. It’s a tax on another country.”

And he said again during a rally in Wisconsin Saturday that “it’s not going to be a cost to you, it’s going to be a cost to another country.”

Vance said in late August that as a result of tariffs Trump imposed during his presidency, “prices went down for American citizens.”

“They went up for the Chinese but they went down for our people,” Vance added.

But that’s not true.

Facts First: Trump and Vance’s claims about how tariffs work are false. A tariff is a tax that is paid by US businesses — not other countries — when a foreign-made good arrives at the American border. One of the intended goals of a tariff is to raise prices on foreign-made goods, and study after study shows that the duties do drive up costs for Americans.


(From CNN)

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09 Sep 2024 13:02 - 09 Sep 2024 13:04 #2 by FredHayek
Your source doesn't understand the history of tariffs and China. Both parties have raised tariffs against China especially when they "dump" products on the US market. China will subsidize their manufacturing in order to knock American competition out of business.

This is what happens when you get partisan reporters just trying to make Trump look bad. Trump used a number of tariffs in his 1st term to punish China for unfair trade practices. The Biden Administration chose to keep most of Trump's anti-Beijing executive orders in place.

Clinton banned the sales of many consumer goods to punish China for their aggressive military policies. No president since has repealed them.

Thomas Sowell: There are no solutions, just trade-offs.

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09 Sep 2024 13:55 #3 by koobookie
There are times when a tariff makes sense, like when China "dumps" their cheap goods on the U.S. ButT Trump thinks that China will be the ones paying the tariffs, when in fact, they won't. The American consumer always pays the tariff. Read the quotes - they are directly from Trump.

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09 Sep 2024 14:01 #4 by koobookie
Hey, look, Fred - Trump tariffs actually cost Americans. What a guy! (that was sarcasm)

A May 2019 analysis conducted by CNBC found Trump's tariffs are equivalent to one of the largest tax increases in the U.S. in decades. Studies have found that Trump's tariffs reduced real income in the United States, as well as adversely affecting U.S. GDP. Some studies also concluded that the tariffs adversely affected Republican candidates in elections.

A study published in fall 2019 in the Journal of Economic Perspectives found that by December 2018, Trump's tariffs resulted in a reduction in aggregate U.S. real income of $1.4 billion per month in deadweight losses, and cost U.S. consumers an additional $3.2 billion per month in added tax. The study's authors noted that these were conservative measures of the losses from the tariffs, because they did not take account of the tariffs' effects in reducing the variety of products available to consumers, or the tariff-related costs attributable to policy uncertainty or the fixed costs incurred by companies to reorganize their global supply chains. A study by Federal Reserve Board economists found that the tariffs reduced employment in the American manufacturing sector.[

en.wikipedia.org/wiki/Trump_tariffs

That's a lot of lost income, Fred, but then since you're one of the 1% wealthy, it really didn't matter to you as long as you got your tax cut from Trump.

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09 Sep 2024 19:48 #5 by FredHayek
Then why didn't Biden repeal Trump's tariffs?
Is he not only senile but also impotent?

Thomas Sowell: There are no solutions, just trade-offs.

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09 Sep 2024 19:51 #6 by FredHayek
President Biden oversaw the highest inflation rates in decades. Why didn't he help American consumers by repealing tariffs from all nations including Russia?

Thomas Sowell: There are no solutions, just trade-offs.

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10 Sep 2024 07:52 #7 by koobookie

FredHayek wrote: Then why didn't Biden repeal Trump's tariffs?


Did you know there is a web site called "google" where you can type in a question and get an answer? You can also ask ChatGPT. (That's an AI program on the internet.)

Perhaps Biden did not repeal ALL the Trump tariffs because other countries were dumping their cheap products on us? I don't know, but I'll bet you can find out if you use google or some other search engine.

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10 Sep 2024 09:27 #8 by FredHayek
You don't know because your press chooses to only cover the side of the story that makes President Trump or Republicans look bad.

You were hooked in like a Rainbow Trout. They took advantage of your ignorance of international trade and your confirmation bias.

You are being played.

Thomas Sowell: There are no solutions, just trade-offs.

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10 Sep 2024 09:31 #9 by FredHayek
And Google? They are being charged with their search engine being a monopoly. So when their partisan algorithms constantly are trying to make the GOP look bad and Harris look good, know that they are actually more dangerous than the limited Russian election tampering.

But because they are on your side, you are willing to forgive Google for their deceit?

Thomas Sowell: There are no solutions, just trade-offs.

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10 Sep 2024 09:48 #10 by koobookie

FredHayek wrote: You don't know because your press chooses to only cover the side of the story that makes President Trump or Republicans look bad.

You were hooked in like a Rainbow Trout. They took advantage of your ignorance of international trade and your confirmation bias.

You are being played.


How do you know, Fred? What are your sources that tell you what you want to hear? Talk bout confirmation bias.

I've had this conversation with both you and Rick, and neither of you really want to say "I heard this in *** media source and in this other media source and then I make up my mind." You won't even provide links to your posts and the images you provide. It's almost like you don't want anyone to know where you get your information.

I use NPR, APNews, Reuters for my sources. Those are fairly neutral and unbiased. How about you?

And google? Use whatever search engine you want. Geeez.

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