Posted on 06/30/2018 10:07:07 AM PDT by ChicagoConservative27
President Trump is justifiably proud of passing tax reform last December, telling audiences “because of our tax cuts, you can keep more of your hard-earned money.” He’s right: American taxpayers will save $75 billion this year and $189 billion next year, according to the Joint Committee on Taxation.
Yet the president’s tariffs on imports could negate much of the tax relief he’s been bragging about. These levies are not paid by foreign countries or companies. They are passed on to American consumers in the form of higher prices for either foreign or U.S.-made goods.
The Trump tariffs are now clawing back tax savings at a rate of roughly $10.6 billion per year. The levies already in place include 25% on steel (imports in 2017 were an estimated $23.4 billion), 30% on solar panels ($8.5 billion), 10% on aluminum ($18 billion) and 20% on washing machines ($1.8 billion).
That’s chump change compared with what may be coming. On July 6, a 25% tariff kicks in on 818 Chinese imports worth $34 billion, costing Americans another $8.5 billion a year. If China retaliates, Mr. Trump has said he’ll slap a 10% tariff on an additional $200 billion of Chinese exports. The president warned last week that if Beijing responds a second time, he could levy a tariff on $200 billion more in Chinese exports. And an administration proposal for a 25% tariff on 284 Chinese exports to the U.S., whose value was $16 billion in 2017, is pending.
(Excerpt) Read more at rove.com ...
Please go back under the rock you came from Karl. Never Trump POS.
Oh boo hoo hoo, Trump is trying to win the trade war that we’ve been losing for the last 30 years.
Go home, Fredocons.
buy american
Rove is a typical Globalist Moron.
The facts of the matter are clear in the economic data. Having unfair trade makes Rove donor buddies obsencely rich, and screws every other American consumer
Tokyo Rove crawls out from under his rock.
Rove is deliberately ignoring the fact that these tariffs are a negotiating tool and are very temporary. This anti-Trump establishment parasite takes every opportunity to “demonize” Trump actions without really presenting all perspectives.
Go away Rove. Nobody needs you.
Someone throw a stick of dynamite under the globalist rock. Please?
In other words, this dope thinks the American consumer has a God-given right to take advantage of foreign slave labor at the expense of U.S. workers.
Get lost, Karl. There's a good reason why your globalist Bush cabal is now less popular in the U.S. than ISIS.
Thus spake the OPEN-BORDERS GLOBALIST AMNESTY PIMP.
Shut up, Chubby. You are a has-been who never should have been. Take your comedy routine and white board and scram!
I will take having a stronger more productive America over a few more dollars in my pocket any day. It will eventually catch up and I will be better off. (That is if we can curb giveaway programs that suck the working man dry).
>>They are passed on to American consumers in the form of higher prices for either foreign or U.S.-made goods.
Goods that we do not HAVE to buy. See how that works, Comrade Globalist Karl?
That's good! Very good!
Except that it requires a deep knowledge of The Godfather. Could be a little too baby-boomer-centric. Do younger people watch The Godfather?
Another asshole who doesn’t understand Trump’s negotiating style. So many self described academic clueless pundits making bullshit predictions.
This crap is from Tokyo Rove. As you were.
We must not try to leave the unfair trade lobbyist plantation.
Sooooo, Karl,the export of American manufacturing jobs and heavy foreign penalties on US goods is good for us?
It’s the Art of the Deal. Watch and learn my friends. The world needs the USA more than the USA needs the world. There was a reason he began with deregulation and tax cuts prior to the trade war.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.