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 ...
Rove may have been good at helping win elections, especially Gush 43rd’s, but, he should not even be thinking about making policy is arguing policy. He stinks at it, and makes no sense. When it comes to policy, he thinks the same way as liberals, not engaging his brain.
When a Democrat is in office, we have no difficulty acknowledging that a tariff is a tax increase on American consumers.
Yup. Most of Trump’s tariffs talk is negotiating bluster to intimidate his adversaries. It is too bad so few take notice of his style.
Well, I’m a younger person and The Godfather 1 and 2 are my favorite movies. Got the title from Kurt Schlicter’s articles and it really made me grin.
Hmmm. I’ll want to think about what current pop culture may work for Gen Z.
Of course American consumers will pay higher costs for imported items, that is the point moron. What follows that is American companies find a price point where they can manufacture the same and better, quality goes up, jobs pay more, our wages rise and they lower the tariffs to compete.
Don’t get me started on this man.
There is no neverTrumper I dislike more than Karl Rove.
Even on election night, right before the President-elect came out to except the title, Rove was trying to downplay his mind-blowing victory.
It was his Bushes that helped to put us in this trade war that our wonderful President Trump is working his tail off to get us out of.
And obviously, he’s been more successful than anything the Bushes have attempted.
Karl Rove needs to be on permanent vacation.
What a waste of good oxygen.
It's strictly business, old man. Step aside.
Somebody should just shove an apple in his mouth..
FOAD Karl Rove.
We’re on to your globalist BS and seeing what a REAL President can do to help OUR people.
Rove, you glorious has-been, if we want your opinion on economic policy we will water-board it out of you.
So, corporations do not pass on additional income tax but do pass on tarrifs? So these people realize how contradictory they are?
*accept the title
If you aren’t a “Bush”, Rove has no use for you.
Rove has always been a pile of $#%&/.
He’s one of the main reasons we had 8 years of obama. The Bush administration was totally incompetent and Rove had a lot to do with that.
Rove is among the more vile gop establishment dirtbags around
Is Rove a hired gun for the RINOs, to help to undermine any truly conservative actions and policies? I believe that he is.
It's funny and true at the same time. Winning combination for a meme.
Karl (and all the anti-Trump media) fails to look at this as a bargain being struck. If our trading, “partners” want to do away with these tariffs all they need to do is to do away with their restrictions on US goods. These are not meant to remain in place forever they are there to level the playing field.
China has lost $quillion$ since Jan 24th when the Hang-Seng index was 32,958 and now it is at 28,955 roughly a 12% correction. The Dow has gone from 26,616 to 24,271 (9%)
It would please Trump immensely if China said they would like to trade more fairly and this greater value would lift the world economies immediately.
If the articles I’ve been reading are correct, then pretty much every country that the President has mentioned, concerning tariffs, has caved. The Germans caved on the automobile tariffs. I read the other day that one country was going to implement tariffs on, wait for it, bourbon and yachts. WOW!!!!!! Why don’t they throw in QTips and mountain bikes and they’ll really crash the economy.
An article I read the other documented that economists in China, of all places-where they put you in prison for running your mouth, are starting to say that there’s no way they can compete with the US in a trade war. Our economy is self sustaining, whereas China’s is all about what they export. I should add, all the cheap sh*t they export. Given that we’re their biggest customer, there’s no way they’d survive. Interestingly, a friend used to me an MSG at the embassy in Beijing. He said that when you traveled out of the cities, the people were basically eating sparrows, rice and rocks. The country, as a whole is not what they promote it to be.
Rove is such and ass.
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