Good idea or bad economics, a 10% tariff is for Congress, not a newly elected President Trump, to decide.
Last week, former President Donald Trump proposed that, if he becomes president again, he will impose a 10% tariff on imports into the United States. Such a tariff, he claimed, would stem the flow of American jobs overseas and lessen US dependence on foreign imports.
Economic studies by the non-partisan, non-profit Tax Foundation challenged President Trump’s proposal. The Tax Foundation notes that the economic impact of tariffs is shared between buyers and sellers, just the same as any other retail tax; so that what President Trump is proposing is actually one of the most massive increases in taxes on Americans in history.
Dependency on foreign supply in specific categories of goods deserves individual attention, rather than an across-the-board 10% tariff. The US was caught without adequate stockpiles of personal protective equipment in the early stages of COVID, as well as certain chemicals needed to manufacture therapies.
Focusing solely on the economic arguments, however, misses that both President Biden and President Trump assert the power to impose tariffs on imports to the US without obtaining any input, let alone approval, from Congress. President Trump’s 10% proposal completely elides over this separation of powers issue.
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