It Could Happen Here How Trump's Tariffs Will Impact You
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Nov 13, 2024 Mia and Gare dive into the intricate web of Trump's proposed tariffs and their potential fallout. They reveal how these tariffs could inflate consumer prices, especially on imports from China and Mexico. The discussion highlights the irony of undermining free trade principles while trying to protect American interests. The complexities of shifting supply chains and the heavy reliance on international markets in agriculture also come into play, laying bare the potential job losses and economic challenges ahead.
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Tariff Impact
- Tariffs are taxes on imported goods, benefiting domestic manufacturers but increasing consumer costs.
- Trump's plan involves substantial tariffs on all imports, with even higher rates for China and Mexico.
Tariff Burden
- Tariffs increase import costs for companies, who usually pass this expense directly onto consumers.
- While companies avoid raising prices due to consumer reactions, high tariffs necessitate price hikes.
Trade Dynamics
- International trade primarily involves multinational companies moving resources between countries.
- Trump's high tariffs could collapse the economy, contradicting simplistic models that ignore broader economic consequences.