Biden: "Trump just doesn't get the basics. He thinks his tariffs are being paid by China. Any freshman econ student could tell you that the American people are paying his tariffs. The cashiers at Target see what's going on-they know more about economics that Trump." 6/11/2019
Also Biden: "I just imposed a series of tariffs on goods made in Chine: 25% on steel and aluminum, 50% on semiconductors, 100% on EVs, and 50% on solar panels. China is determined to dominate these industries. I'm determined to ensure that America leads the world in them."
It would appear that Biden either doesn't "get the basics", or he doesn't care that he's raising more taxes on the American people.
https://twitter.com/i/status/1790100829636096169
This is why KJP makes the big money, right there.
3 comments:
Another case of Biden validating Trump's presidency. While I still have issues with the concept of tariffs, making life hard for China...while also making it harder for our own at the same time...my indeed be more of a burden on that government than on our own.
It seems Biden's best moves have been in the Trump policies he hasn't reversed or eliminated...or in this case, reinstated.
That's one take. It's more about Biden being an idiot and his being able to contradict himself with a straight face. I suspect this is more about Biden to incite a trade war with China, than anything else. The reality is that tariffs, like corporate taxes, are ultimately paid by consumers and fail to accomplish much of value for the American consumer.
That's my position as well with regard to tariffs. However, in the case of China, there's more to it than simply how it affects our prices, which is all that some wish to consider. The impact on China would be largely negative as it's a matter of which country needs the other more. Some argue they need us. Here is one article I've found (happens to be from FoxNews) which actually looks at both sides of the argument:
https://www.foxbusiness.com/economy/economists-weigh-pros-cons-trump-plan-60-tariff-china
Part of the issue regarding Trump's use of tariffs is to reduce or eliminate trade imbalances which puts us at a disadvantage. For most countries, I think it is an attention grabber to compel them to enter into a "win/win" situation. With China, I think it goes deeper, with the intention to make problems for them which result in them being less of a threat.
I thought it was interesting that the article referred to a minimal impact on inflation, while also suggesting many are willing to take a bit of a hit if it means China's taking a bigger one.
Anyhow, I'd prefer a better way of dealing with both...China being assohles and the others simply taking advantage. Too many rely on China for the sake of their bottom lines. But China's not our friend and no American company should be doing business with them until they reject their political dictatorship. I take great pains to avoid purchasing products made there.
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