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Tags: trump | tariffs | china | consumer taxes

Trump Tariffs Serve as $60 Billion Tax for Americans

Trump Tariffs Serve as $60 Billion Tax for Americans
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By    |   Monday, 26 March 2018 10:43 AM EDT

The tariffs announced by President Donald Trump on China are acting as a $60-billion-dollar tax the American people will pay on basic consumer goods from that country, Jibran Khan argues in a column fo the National Review on Monday.

This policy will undermine any benefit from tax reform passed in December, because the tariffs will hit every American with an increased cost of living, Khan contends.

He also argues that Trump's policy could "cripple entire, thriving American industries while also reducing the standard of living nationally," insisting that "Chinese companies can easily sell their goods elsewhere in the world, as American imports fall, and they can equally easily stop buying American goods, on which they spend billions."

Khan contended that "contrary to widespread misconception, the U.S. is manufacturing more than it ever has, and foreign markets are driving demand for American products. If the Trump administration proceeds with its program of tariffs, thereby crippling imports, retaliation is likely to mean that demand for American goods will drop dramatically."

Khan also had harsh words for "Democrats who criticized the Republicans' tax plans for not sufficiently cutting middle-class taxes [who] now back this regressive import tax."

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Politics
The tariffs announced by President Donald Trump on China are acting as a $60-billion-dollar tax the American people will pay on basic consumer goods from that country.
trump, tariffs, china, consumer taxes
194
2018-43-26
Monday, 26 March 2018 10:43 AM
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