Donald Trump isn’t just beating up on farmers: he wants to tax all of us more for the goods we buy from China. Trump wants to impose yet another 10% tax on $300 billion worth of Chinese goods—pretty much everything else we buy from China that hasn’t already been tariffed—meaning another $30 billion coming out of your pocket to fuel his reckless spending. If he follows through on his threat to jack the new tariff up to 25%, that’s $75 billion in new taxes.
If our Republican delegation to Congress had any principle, they’d be up in arms over this latest tax increase, the kind of thing every one of them vowed to fight when they asked for our votes.But Congressman Dusty Johnson, Senator Mike Rounds, and Senator John Thune are all Twitter-silent so far about this latest tax on on our consumer purchases.
Tariffs have yet to produce anything Trump has promised. They haven’t helped American manufacturing. They haven’t brought manufacturers back to the U.S. They haven’t reduced the trade deficit. They just drop the hammer on American consumers and entrepreneurs.
So much for the Fed’s interest rate cut shoring up the economy; Trump appears determined to squander any stimulus with his reckless (wreckful?) trade policy. And Congress gives a pass to this unilaterally declared war on the global market and our economic well-being. Enjoy paying more taxes on your phones and flip-flops, Trump voters! You’ve get the government you deserve!