Posted on 03/03/2025 6:45:27 AM PST by lasereye
Being a tariff man may come with some consequences for the US economy.
That's the warning from former Trump communications director and Skybridge Capital founder Anthony Scaramucci.
"I don't think this sort of blanket approach is the right way to do it, and I think he's [Trump] is going to put us into a recession, frankly," Scaramucci told me at the Bitcoin Investor Week conference.
"Remember tariffs are a tax, and they're primarily a consumer tax," Scaramucci added. It's "a consumption tax, sort of like a VAT [value-added tax]. And that’s a regressive tax. So what ends up happening is the poor people — it eats up more of their disposable income than any other income group."
Trump appears to be laser-focused on implementing more tariffs, even if it will cause pain to the economy. He's set to impose 25% tariffs on Mexico and Canada this week after a 30-day pause. He also plans to hit China with another 10% tariff on top of the 10% he put in place several weeks ago.
The administration has also levied a 25% tariff on all imported steel.
“Tariffs are actually — we’ve had a lot of experience with them. They’re an act of war, to some degree,” Berkshire Hathaway (BRK-B) CEO Warren Buffett said in a new CBS News interview on Sunday. “Over time, they are a tax on goods. I mean, the Tooth Fairy doesn’t pay ’em! And then what? You always have to ask that question in economics. You always say, ‘And then what?’”
The potential impact of tariffs varies.
The Tax Foundation estimated tariffs on Mexico, Canada, and China could collectively shrink US GDP by 0.4%. They would create a tax of more than $800 per US household in 2025.
(Excerpt) Read more at finance.yahoo.com ...
Trump needs to make his case clearly tomorrow night.
It’s not Trump’s fault that China is the challenge and economic warfare must be waged on it with certain consequences.
Hey, look who Yahoo dug up.
Regulatory burden and tax burden relief will counter that, along with the business growth removing regulations will provide.
Trump Hater = Former Adviser
Aren’t the high tariffs placed on our goods doing the same thing to their economies? It would make sense for them to lower their tariffs for their citizens.
Scaramucci’s advice must not have been very good. Trump ousted him after only 11 days.
Sell the market short on margin, and become rich!
Or, STFU.
Is this moron still blating?
Who?
Hardly anyone knows who this punk is....and, I certainly wouldn’t take any financial or OTHER advice from this RAT. 🐀
yeah yahoo is desperate.
Scaramucci was literally a 5 seconds of fame kind of guy
i think the MSM media dam is breaking and each day, less and less people read these sources for their news.
They become more irrelevant by the day
Exactly. The TDS is strong in that one.
Yup... "I see a little silhouetto of a man"
Yahoo and Scaramonger WHAT A LEFT WING DELUSIONAL PAIR.
LIES AND RHE LEFT WING LIVE TOGETHER.
ALL government spending IS a component of the GDP calculation. If Trump manages to appreciably lower real government spending, we WILL experience a lower GDP.
Really dredging to find the fake news, Yahoo.
Notice the sources for all this article.....
Trump should state the intent to cancel income taxes to go with the tariffs.
Announce yuuuge tax rebate checks thanks to DOGE.
Start the 16 amendment repeal movement.
The market desperately needs a healthy pull back and rest from inflation. And this cheap loser is no help.
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