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Reply to "U.S. Inflation Accelerated in June as Trump’s Tariffs Pushed Up Prices"
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[quote=Anonymous][quote=Anonymous]Don't we want the revenue from tariffs kind of like we want revenue from higher corporate taxes? More money into the governments hands that does not come directly from wage earners sounds like a good thing. [/quote] The tariffs are passed to consumers as a tax. The tax is regressive because lower income people spend a greater proportion of their income on goods and services. The other thing that will happen is that US exporters (like automakers) have to pay tariffs on their inputs (50% steel and aluminum tariffs, for example). That will increase the cost of American cars compared to European or Chinese cars. American exporters will be at a disadvantage. There is also a boycott America sentiment in most other countries, which also affects exporters.[/quote]
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