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Is Donald Trump's trade tax hurting US consumers?
Donald Trump's planned tariffs could burden US consumers with rising prices. A look at the effects.
Is Donald Trump's trade tax hurting US consumers?
Trump plans massive import taxes!
Donald Trump hits the table with a terrible announcement: He wants to drastically increase import taxes in the USA! Up to 20% on goods from abroad and an incredible 60% on everything that comes from China! He's even thinking of an insane 200% tax for imported cars! These tariffs are central to Trump's economic vision - he sees them as key to strengthening the US economy, protecting jobs and generating tax revenue. “It won’t cost you, it will cost other countries,” he claims. But economists almost unanimously describe this claim as misleading!
How do these tariffs work?
Tariffs are levied as an internal tax on imports and place a burden on pricing. An example: A car costs $50,000 and has a 10% tax. That means $5,000 on top. But who ultimately pays? According to projections from Trump's first term between 2017 and 2020, US consumers will bear the brunt of these taxes. A University of Chicago survey shows that 98% of economists agree that consumers will feel the impact of tariffs through price increases.
Consumers pay!
A concrete example: Trump's 50% tax on washing machines in 2018 resulted in a 12% increase in prices, resulting in an annual cost to US consumers of approximately $1.5 billion. Shocking estimates show that Trump's new tariffs could reduce Americans' incomes, meaning average households could lose about $1,700 annually! Experts also warn that further tariffs could fuel inflation.
Job cuts or protective tariffs?
Trump justifies his tariffs by protecting jobs. But the reality looks different. Despite his protections, employment in the U.S. steel sector, for example, fell from 84,000 in 2018 to 80,000 just two years later. And while Trump criticizes the trade point of the deficit, it rose from $480 billion to $653 billion during his time in office, despite his tax proposals.
Trump's tariffs – a move or a shot in the foot? The economic reality could become much uglier than the supposed successes promise!