By imposing tariffs, Trump has in effect raised taxes on most Americans and made them poorer
“I am a Tariff Man,” Trump tweeted last week. “When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so…. We are right now taking in $billions in Tariffs. MAKE AMERICA RICH AGAIN.”
I’m sorry, Mr President, but you got this wrong. Tariffs are paid by American consumers. About half the $200bn worth of goods you’ve already put tariffs on come almost exclusively from China, which means American consumers are taking a hit this holiday season.
The middle class and poor pay a larger percentage of their incomes on these tariffs than do the rich
Robert Reich’s latest book is The Common Good and his new documentary, Saving Capitalism, is available on Netflix.