President Trump plans to impose broad tariffs on all countries, starting April 2, under the belief they will boost the economy and protect jobs. However, the reality is that tariffs act as a tax on imported goods, raising costs for American families and businesses instead. Experts warn that the proposed tariffs, particularly a 25% increase on imported automobiles, could significantly elevate consumer prices, affecting everything from cars to groceries. Ultimately, these tariffs may hurt more American workers than they help by reducing competition and increasing production costs.
The broad tariffs Trump plans to impose this week are likely to upend our economy in damaging ways. Tariffs are taxes imposed on imported goods, and despite Trump's repeated claims, Americans - not foreigners - generally pay them.
Trump's proposed 25% tariffs on imported automobiles, for instance, could add thousands to the cost of a new car, affecting both imports and domestically produced vehicles that use imported parts.
When imported goods become pricier due to tariffs, American producers typically raise their prices, meaning tariffs push up consumer costs across the board. Trump initially claimed that tariffs wouldn't raise prices.
Higher prices on everyday goods - from clothing and appliances to groceries - harm working families, shrinking their purchasing power and standard of living. Trade's downward pressure on prices saves American households thousands of dollars annually.
Collection
[
|
...
]