The article discusses the economic impact of trade wars and tariffs, particularly those initiated by the US under President Trump. Critics, including EU leaders, argue that tariffs, which function as taxes, hurt businesses and consumers. Efforts to achieve fiscal goals and revitalize manufacturing through tariffs are seen as overly ambitious and likely detrimental. Analysts predict substantial long-term financial burdens for US families despite projected revenue increases from tariffs, which are expected to impede global economic growth and result in reciprocal damage across various economies.
Alas, she is speaking into the void, for analysts in the US have also been at pains to point out the potential harm of the tariffs.
The first is to raise tax revenue to help close the federal budget deficit and pay for an extension of the Tax Cuts and Jobs Act of 2017.
According to Yale university researchers, estimates based on what has been proposed show tariffs on imported goods would raise around $3.52trn between next year and 2035.
Tariffs are always seen as a blunt instrument, as the damage is reciprocal.
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