Tariffs are not going to drive prices higher. It's just going to cause countries that have been ripping us off for years, like China and so many others. In all fairness to China it's going to just force them to pay us a lot of money.
- Donald Trump
Tuesday's debate raised this issue. I have opined on this subject more times than I can remember. All you need to do is type the word "tariff" in the search feature found in the upper left corner of the homepage for this blog.
Donald Trump seems to be enamored by tariffs. He wielded his tariff bludgeon frequently during his tenure as president. And he continues to express his fondness for tariffs on the campaign trail today.
Economics 101 - When you subject imported goods to tariffs (a form of taxation) the cost of those goods generally increases by the full amount of the tariff. Translation: Consumers pay them. And they contribute to inflation in our economy.
Fact: In my first year of retirement we purchased a Kawasaki Mule from a local implement dealer. Trump tariffs added more than $800 dollars to the purchase price.
Thanks for nothing.
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