President-elect Donald Trump has vowed to unleash a “golden age” for the United States. Many of his policy ideas are laudable on their face. Tax cuts and deregulation are critical to unleashing pri…
President-elect Donald Trump speaks during a meeting with the House GOP conference, Wednesday, Nov. 13, 2024, in Washington. President-elect Donald Trump has vowed to unleash a “golden age” for the United States. Many of his policy ideas are laudable on their face. Tax cuts and deregulation are critical to unleashing private sector investment and growth.
As an elementary matter, it is important to understand what tariffs are: taxes. Under tariff schemes, when companies import goods, they pay taxes on them. That includes American companies which import, say, raw materials for industrial uses. Companies often turn to imports because they either can’t get the goods domestically or the costs are too high.
The nonpartisan Tax Foundation, meanwhile, estimates “his proposed tariff increases would hike taxes by another $524 billion annually and shrink GDP by at least 0.8 percent, the capital stock by 0.7 percent, and employment by 684,000 full-time equivalent jobs. Our estimates do not capture the effects of retaliation, nor the additional harms that would stem from starting a global trade war.”
As argued by Clark Packard at the Cato Institute, “Over the last six-plus years, those tariffs have imposed significant costs on Americans as Cato scholars have repeatedly highlighted. Perhaps those costs could be justified if the tariffs had forced a wholesale reorientation of Chinese economic policies.
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