Summary
Donald Trump is poised to impose massive import tariffs on goods from Canada, Mexico, and China, effectively raising taxes on U.S. households by an estimated $3,000 annually.
Unlike past tax increases that targeted the wealthy, these tariffs disproportionately impact low- and middle-income workers.
While Trump claims the measures address immigration and fentanyl concerns, experts argue they serve as a revenue source to offset tax cuts for the rich.
Critics contend that Trump’s tariffs lack a clear industrial strategy and primarily burden American consumers.
It would be accurate to call a tariff what it is: a tax. Maybe the downside is ostrich-heads won’t be able to bury their heads in the sand and pretend it’s not a tax.
People are very used to paying taxes that don’t show up on their pay statement. Things like sales tax, property tax.