Trump’s tariff plan will be paid by Americans, not foreigners

Recently, Donald Trump explained his economic plan to raise billions of dollars from foreign countries by imposing tariffs (10% to 60%, depending on country of origin.) He plans to use this money to fund child care, paying off the national debt, etc. The problem with this idea is that Trump has still not learned that importers (Americans) pay import tariffs, not exporters.

To review, import tariffs are taxes on foreign goods. A U.S. custom official collects the fee from the importing American business (e.g., Target) before releasing the product to them. The fee goes to the U.S. Treasury.

Contrary to what Trump thinks, the foreign country never pays a penny of the tariff. His economic plan depends on a nonexistent source of income! Worse, in most cases, the importing business then adds the tariff costs to the sale price. We pay the tariffs through higher prices. Trump's plan could increase prices of imported goods by 10% to 60%. If you think the current Biden/Harris' 3% inflation is painful, you sure won't like "Trumpflation." Think before you vote for an ignorant candidate.

James Pruitt

Marion