President Donald Trump announced Monday that he’s slapping a 10 percent tariff on $200 billion worth of Chinese goods, on top of similar tariffs imposed earlier this year on $50 billion worth of Chinese imports. Once the new tariffs are in place, Trump’s levies will apply to almost half the value of the products we buy from China.
Too bad the president doesn’t seem to understand who will pay these tariffs.
At an event earlier Monday, Trump talked about the trade negotiations with Mexico and Canada, then said, “China is now paying us billions of dollars in tariffs, and hopefully we’ll be able to work something out.” That’s exactly backward. The tariffs Trump imposed on Chinese goods are paid by the businesses and consumers in this country that buy them.
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