Trump’s promised ‘Liberation Day’ of tariffs is coming. Here’s what it could mean for you
He wants to announce import taxes, including “reciprocal” tariffs that would match the rates charged by other countries and account for other subsidies. Trump has talked about taxing the European Union, South Korea, Brazil and India, among other countries.
As he announced 25% auto tariffs last week, he alleged that America has been ripped off because it imports more goods than it exports.
“This is the beginning of Liberation Day in America,” Trump said. “We’re going to charge countries for doing business in our country and taking our jobs, taking our wealth, taking a lot of things that they’ve been taking over the years. They’ve taken so much out of our country, friend and foe. And, frankly, friend has been oftentimes much worse than foe.”
I’m beginning to get a little “Lucy and The Football” felling here. Is he going to the “just kidding”… again? I keep thinking he can’t be this stupid.
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>Trump’s promised ‘Liberation Day’ of tariffs is coming. Here’s what it could mean for you
He wants to announce import taxes, including “reciprocal” tariffs that would match the rates charged by other countries and account for other subsidies. Trump has talked about taxing the European Union, South Korea, Brazil and India, among other countries.
As he announced 25% auto tariffs last week, he alleged that America has been ripped off because it imports more goods than it exports.
“This is the beginning of Liberation Day in America,” Trump said. “We’re going to charge countries for doing business in our country and taking our jobs, taking our wealth, taking a lot of things that they’ve been taking over the years. They’ve taken so much out of our country, friend and foe. And, frankly, friend has been oftentimes much worse than foe.”
https://apnews.com/article/trump-new-tariffs-liberation-day-import-taxes-118d73f50e5133ef3d9598aed6661a6c
I’m beginning to get a little “Lucy and The Football” felling here. Is he going to the just kidding again?
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What’s interesting to me is that he’s threatening companies who raise their prices in response.
Yet when Harris talked for pretty much only one or two days that she was going to go after price gougers, the Wall Street Journal and New York Times would have you believe Stalin came back alive as a Black Indian auntie. The backlash was so strong from the elites that Harris backed off of that part of her campaign. And never mentioned it again.
Someone has to Herbert Hoover if we are going to get FDR.
It’s clear that tariffs are the one economic policy Trump firmly believes in. It’s also clear that no one other than Trump truly believes in them. And since Trump is not particularly intelligent or ideological, he gets convinced to pull back on the worst aspects of his plans only to later decide he should have gone with his gut to begin with. He may very well let the tariffs ride this time, but I have a feeling there’s going to be a non-concession-concession that will magically make most of the tariffs disappear. The uncertainty will remain and the economic impact will linger.