The importer adds the tariff to his wholesale cost and prices the goods accordingly.
In any case, it is not the foreign countries that are paying the tariffs. It’s the importer who passes the cost on to their customers.
The American people will pay these Terrace just like they paid the last tariffs that Trump put on imports.
Trumps Chinese steel tariff cost the American economy 200,000 jobs. Trump totes the fact that a new steel plant opened in Pennsylvania providing 40,000 American jobs. That gives you a net job loss of 160,000 manufacturing jobs.
Let’s not get started on what those tariffs cost American farmers. Thousands of American farmers lost their farms as a result, even though American taxpayers paid out billions of dollars to the farmers for lost sales.
Last, but not least, the US trade deficit increased by more than 15% under Donald Trump and crossed the $1 trillion threshold for the first time in history.
It’s coming back down under Biden but Trumps foreign trade policies have been a disaster for the American worker and the American economy.