Morning Wire How Trump’s Tariffs Could Save the Middle Class | 10.5.24
Oct 5, 2024
The discussion centers on Trump’s proposed tariffs aimed at reviving American manufacturing. Economist E.J. Antoni contrasts Trump’s and Harris’s approaches, assessing their effects on the middle class. The complexity of tariffs as trade taxes is dissected, highlighting their consumer impact and trade dynamics. The podcast also looks at historical tariff outcomes, especially on Chinese steel, and analyzes the current administration’s stance. Additionally, it explores the impact of tariffs on green energy and the pressing need for competitive domestic policies.
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Tariffs as Taxes
- A tariff is a tax on international trade, paid initially by the importer.
- Importers often pass this cost onto consumers by raising prices.
Impact of Steel Tariffs
- Trump's tariffs on Chinese steel largely impacted Chinese producers, not U.S. consumers.
- This countered Chinese subsidies, benefiting American producers and consumers.
Biden's Tariff Contradiction
- The Biden administration has maintained many Trump-era tariffs despite criticizing them.
- Their reasoning remains unclear, suggesting potential effectiveness.