Trump, Vance Wrong on Tariffs

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Trump tariffs

Los Angeles Times

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Column: Trump and Vance are dead wrong — economists unanimously agree that U.S. tariffs are a tax on American consumers

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Michael Hiltzik : Donald Trump and his running mate JD Vance have been promising to step up Trump ’s tariff war with China .

He says economists unanimously agree that U.S. tariffs are a tax on American consumers.

Hiltz: Anything that you lose on the tariff from the perspective of the consumer, you gain in higher wages.

Ruben Navarrette : Chinese -made EV makers including BYD are planning to build factories in Mexico , which would allow them to circumvent the Biden tariff.

He says the price of washing machines rose by about 11% , or an average of $ 86 ; clothes dryers also rose, by $ 92 .

He adds that manufacturing employment in the washing machine sector increased by about 1,200 in the wake of the tariff, but that worked out to a cost of about $815,000 per new job — borne, again, by consumers.

During the years following the enactment of the McKinley Tariff ’ in 1890 , the U.S. suffered four recessions or “panics,” in 1890-91, 1893, 1896 and 1899-1900 .

McKinley became president in 1897 , but by then the Tariff had been shown to be a political disaster.

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