signalmankenneth
Verified User
If former President Donald Trump returns to the White House, tariffs will once again play a major role in his policy agenda.
Trump has repeatedly said he plans to impose an across-the-board tariff of either 10% or 20% on every import coming into the US, as well as a tariff upward of 60% on all Chinese imports, in a bid to encourage American manufacturing.
“Tariffs are the greatest thing ever invented,” Trump said last month at a town hall event in Michigan.
But as with many economic policies, there are trade-offs, and Trump doesn’t talk about the negative effect tariffs could have on US businesses and consumers. He’s also often falsely described how tariffs work.
Vice President Kamala Harris has referred to her opponent’s tariff policy as a “Trump Tax.” Several independent studies have found that the new tariffs, if implemented, would raise costs for the average middle-class family, with estimates ranging between $1,350 and $3,900 a year.
Here are three charts to help explain the impact of tariffs:
For years, Trump has inaccurately claimed that foreign countries pay the tariffs. But in reality, the tariff is paid by the US-based company that imports the good.
Study after study, including one from the federal government’s bipartisan US International Trade Commission, has found that Americans have borne almost the entire cost of Trump’s tariffs on Chinese products.
In total, Trump’s previous tariff actions put duties on about 14% of US imports – a relatively small share compared with the across-the-board tariff he has pledged to implement on 100% of imports if elected.
https://www.cnn.com/2024/10/13/politics/donald-trump-tariffs/index.html



Trump has repeatedly said he plans to impose an across-the-board tariff of either 10% or 20% on every import coming into the US, as well as a tariff upward of 60% on all Chinese imports, in a bid to encourage American manufacturing.
“Tariffs are the greatest thing ever invented,” Trump said last month at a town hall event in Michigan.
But as with many economic policies, there are trade-offs, and Trump doesn’t talk about the negative effect tariffs could have on US businesses and consumers. He’s also often falsely described how tariffs work.
Vice President Kamala Harris has referred to her opponent’s tariff policy as a “Trump Tax.” Several independent studies have found that the new tariffs, if implemented, would raise costs for the average middle-class family, with estimates ranging between $1,350 and $3,900 a year.

Here are three charts to help explain the impact of tariffs:
How tariffs work
To illustrate how tariffs affect American businesses and consumers, imagine this scenario involving a fictitious, foreign shoe manufacturer called Worldwide Shoes.For years, Trump has inaccurately claimed that foreign countries pay the tariffs. But in reality, the tariff is paid by the US-based company that imports the good.
Study after study, including one from the federal government’s bipartisan US International Trade Commission, has found that Americans have borne almost the entire cost of Trump’s tariffs on Chinese products.
In total, Trump’s previous tariff actions put duties on about 14% of US imports – a relatively small share compared with the across-the-board tariff he has pledged to implement on 100% of imports if elected.
Trump's tariff proposals would be a significant increase from his earlier actions
Former President Donald Trump imposed tariffs on about 14% of total imports when he was in the White House. His new proposals call for a blanket tariff on all imports.https://www.cnn.com/2024/10/13/politics/donald-trump-tariffs/index.html


