1 week Ago
With Donald Trump’s presidential reelection, I thought it would be helpful to let those who voted for him know that they are in for at least a 10% hike in inflation over and above what we’re already paying for goods, services and food. That’s because Trump does not know how tariffs work. Here’s how: The U.
S. puts a tariff on imported goods. American businesses must pay higher prices at the port of entry for those imports directly because of the tariffs that go to the U.
S. government, not you. In turn, these companies raise their prices to the American consumer to pay for the cost of the tariffs.
You know who doesn’t pay the tariff? China, Vietnam and all the other foreign producers. And if you think they have to sell to Americans, look at the globe. There are 190 other countries who are customers for their goods.
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Editor's note: The Smoot–Hawley Tariff Act of 1930 raised tariffs on more than 20,000 imported goods and is considered a major factor in worsening the Great Depression for lowering international grade, spurring retaliatory tariffs and increasing inflation. Letters to the editor are encouraged. Send letters to go.
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