The Tariff Trap

A world where the most basic economic principles are turned upside down. A world where tariffs are seen as a magic solution to all economic woes. A world where the experts are ignored, and the leader's gut feelings take precedence over facts and figures. Welcome to the world of Trump's economic plan. The story of a woman refusing help as the floodwaters rise is a cautionary tale about the dangers of refusing to see the obvious. Similarly, the Trump administration's economic plan is a recipe for disaster. The plan to massively increase tariffs, especially on Chinese imports, and use them to replace all income taxes is a radical fringe fever dream that would be a gobsmacking disaster for most voters. According to almost every reputable independent economist, Trump's approach would cripple the economy and explode the cost of living by hiking prices on necessities like fuel, food, medicine, and clothing. Conservative budget expert Brian Riedl, a highly-respected mainstay of Republican economic policy, calls Trump's plan "economically nonsensical. "Riedl explains that the plan would raise no money, devastate low-income families, dramatically raise prices, and kill jobs and exports. The entire purpose of a tariff is to raise the price of imports so high that consumers choose domestic alternatives instead. That's the entire point. Americans would be in for a rude awakening when the price of gas goes up 30 percent. Study after study confirms that we, American consumers, paid 100 percent of Trump's last round of tariffs through higher prices – amounting to $832 per household each year. The bill for Trump's new planned tariffs is estimated to be more than four times higher. It's like a yearly tax increase of $2,600 per household. Americans hate inflation, and they say they want above all else to vote for a candidate who will prevent inflation. Trump's plan is to explode inflation. For this alone, Trump should be disqualified – not simply for pushing an appallingly bad idea, but for doing it over the pleading of appalled experts who can't believe the damage he would cause.