Bloomberg Businessweek Trump's Tariffs and Taxes, Revenge Quitting
Dec 18, 2024
Joseph Thorndike, Director of the Tax History Project, dives into the repercussions of Trump's tariff plans on businesses and consumer prices, especially in the auto industry. He uncovers misconceptions about tariffs and their historical context. Meanwhile, Laura Gassner Otting, a workplace expert, elaborates on the rising trend of 'revenge quitting' as employees reassess job satisfaction in a post-pandemic world. The conversation explores the complex dynamics of remote work, labor relations, and the importance of workplace flexibility.
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Tariff Impact on US Auto Sector
- President-elect Trump's tariff threats disrupt the U.S. auto sector, especially American producers.
- Import taxes would cause considerable pain, according to Bloomberg Economics.
Tariffs as Taxes
- Tariffs act as a tax, historically the primary source of U.S. revenue.
- They become problematic during wars and are unpopular among consumers.
Targeted vs. Blanket Tariffs
- Targeted tariffs for specific goals like national security are reasonable.
- Blanket tariffs on all imports are generally not beneficial.
