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Cato Daily Podcast
Tariffs Are Taxes, but Who Pays the Tax?
Apr 17, 2024
Expert Erica York from the Tax Foundation debunks myths about tariffs, explaining how they essentially function as taxes on imported goods. The podcast explores historical perspectives on tariffs in the US, their impact on domestic producers, trade deficits, industry impact, and the implications on consumers and the global economy.
14:13
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Quick takeaways
- Tariffs are taxes imposed on imports, not just on foreign entities as commonly believed.
- Historically, tariffs in the US were used as a revenue-raising tool and hinder innovation and competitiveness in the long run.
Deep dives
Understanding Tariffs as Taxes on Imports
Tariffs are essentially taxes imposed on imports or goods purchased from foreign countries. The misconception lies in who bears the burden of these taxes. While there could be arguments that the burden falls on foreign entities, politicians like Donald Trump often misinterpret tariffs, portraying them as taxes imposed on foreign companies, which is not the case.
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