If Trump goes through with his plan to increase tariffs on all Chinese exports, it would be a $2,000 tax increase on the average American family.
Trump’s China Tariffs Are A Tax Increase of $2,000 for American Families
If the president moves ahead with 25 percent tariffs on everything China exports to the United States, it could amount to a tax hike of more than $2,000 on the average American family, swamping the reduction they won from Trump’s signature legislative achievement — the 2017 tax law.
“It’s sort of like when you have a bad leak in a boat and you are trying to plug it up,” said Beth Ann Bovino, chief U.S. economist at Standard & Poor’s, of efforts to ease the pain of a trade war. “Water is going to win every time. The impacts from the trade dispute with China, especially if it snowballs from here, are going to be felt and there is going to be a lot of pain. And I don’t think the federal government can catch up to it.”
A tax increase of $2,000 on top of the tax increase from Trump’s tax cuts for the rich would be economically devastating for the average American family.
The American People, Not China, Are Paying For Trump’s Tariffs
Walmart is warning that it will increase prices on shoppers if Trump’s trade war continues. Trump still believes that China is paying the tariffs, even though it has been explained to him over and over again that US companies and consumers pay the tariffs.
Donald Trump is going to do massive amounts of harm to middle and lower class Americans with his trade war. Trump is not winning the trade war. Americans are losing, and the only way that this lunacy will stop is if Donald Trump is voted out of office in 2020.
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