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January 16, 2022

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Trump Doesn’t Know How Tariffs Work

2 min read

Trump Doesn’t Know How Tariffs Work

A new study shows the horrible impact the US-China trade war has had on the US economy. And surprise, Trump doesn’t even know how tariffs work. John Iadarola and Jayar Jackson break it down on The Damage Report. Follow The Damage Report on Facebook: https://www.facebook.com/TheDamageReportTYT/

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Read more here: https://finance.yahoo.com/news/trump-has-made-this-false-claim-about-china-and-tariffs-at-least-100-times-182318319.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAC08OvhbLjhT_Nl5Dtik6UWmuSHx6sAUITf3_kfXbp8I1A57h87hBMNWUQAziDuMUD1OG5b7khKGVkjdsGAduU2d37Q-HxPnHAb8Wq09wd0_kz–My3Z21jCD7RPtgszCnda3yQCoeCtV4tEzddj2HEwa8hpC22E8ZolC2EnnACc

“When President Trump sat before reporters in the Oval Office on Dec. 19 with Rep. Jeff Van Drew, the subject of the trade negotiations with China came up briefly. “They’re still paying tremendous amounts of tariffs,” the president said.

It was a notable comment only for its frequency of use. In fact, according to an analysis by Yahoo Finance, that was at least the 108th instance in 2019 that Trump falsely claimed China is “eating” or “being charged” or in some way “paying” for the tariffs his administration has imposed on Chinese imports.

Trump’s claim has been debunked by fact checkers again and again and again and again. Here’s how FactCheck.org put it: “Not true. The tariffs are taxes paid by U.S. importers in the form of customs duties, and to some extent by U.S. consumers in the form of higher prices.” Politifact said Trump’s claims that China is paying tariffs and that the money is being passed to farmers “simply does not reflect how tariffs work.” (Chinese exporters do bear some of the cost of U.S. tariffs in various ways: they are sometimes forced to offer U.S. importers a discount to help defray the costs of higher U.S. tariffs.)

Yet the criticism hasn’t slowed him down. The first 2019 instance was Jan. 3. In what appears to be his first public comment on China in 2019, Trump tweeted"The United States Treasury has taken in MANY billions of dollars from the Tariffs we are charging China.” Almost 10 months later, it was a nearly identical refrain during a Cabinet meeting: “We’re taking in billions and billions of dollars in tariffs from China,” he said on Oct. 21.”

#TheDamageReport #JohnIadarola #TheYoungTurks

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