They think the economy is bad now just wait until Trump imposes the tariffs.
Trumponomics? He would impose the equivalent of a huge tax hike
If Donald Trump becomes president again, one of his first moves will take money out of your pocket just as a tax hike would.
Trump hasn't outlined much of an economic program, but he has promised to impose a massive increase in tariffs on imports from almost all foreign countries — everything from bananas and baby formula to computer chips and machine parts.
And that’s the equivalent of a tax hike, because the costs of tariffs are
paid almost entirely by the buyers of imported goods, whether they are Walmart shoppers or
U.S. businesses that rely on foreign components.
Trump boasts that the tariffs he imposed in 2018 and 2019 brought billions of dollars into the Treasury, and promises a similar revenue increase in a second term. “The United States will make an absolute FORTUNE,” his campaign website says.
Here’s the problem: Contrary to what the former president seems to think, tariffs aren’t paid by foreign companies or governments. They’re initially paid by the U.S. companies that import the goods, but those importers almost always
pass the cost on to consumers in the form of higher prices.
This time, Trump is proposing a “universal” tariff of 10% on goods from every country in the world. He has also mused about megatariffs of more than 60% that he wants to slap on China in hopes of forcing Beijing to lower its tariffs and treat U.S. companies fairly.
