Summary
Donald Trump is pushing for high tariffs, not just to cut trade deficits but also as a revenue source to reduce domestic income taxes.
His administration envisions a return to 19th-century tariff-funded governance, but critics warn this won’t generate enough revenue and risks harming the economy.
Economists argue free trade benefits the U.S. more than protectionism, and tariffs could backfire by raising consumer prices and reducing trade.
If enacted, Trump’s plan may isolate the U.S. economically while empowering global rivals like China.
Blue_Morpho@lemmy.world 3 months ago
“Trump wants to tax the world” ???
That’s a horrible headline. It feeds the myth that tariffs are a tax on other countries. They aren’t. Tariffs are a name for a type of sales tax.
The title needs to be “Trump wants to raise taxes on Americans.” Because that’s what a tariff is. It’s a tax on Americans- not anyone else.
Fuck the media for not attempting to educate Americans.
Pronell@lemmy.world 3 months ago
Okay, so what’s the other side? He decides not to tariff them if he gets a personal bribe or policy concession.
That’s the Trump tax.