Trump’s Proposed Tariffs Are a Gift to the Rich
https://www.project-syndicate.org/commentary/trump-tariffs-would-tax-the-middle-class-benefit-the-richest-by-simon-johnson-2024-10
Trump Tariffs and Billionaires
President Trump's tariffs could potentially benefit wealthy individuals and corporations, but they are more likely to increase costs for consumers and businesses, particularly affecting the working class and poor. Here are the key points:
Economic Impact on the Wealthy: While the tariffs could generate additional revenue for the U.S. treasury, the primary beneficiaries of any resulting economic policies, such as tax cuts, would likely be the wealthy. The Committee for a Responsible Federal Budget estimates that Trump's tariffs could bring in about $120 billion annually, and $1.3 trillion over 10 years, which could be used to reduce taxes or pay down debt.
Costs to Consumers and Businesses: Tariffs are effectively taxes on imported goods, and these costs are often passed on to consumers. For example, new car prices could increase by $4,000 to $10,000 due to the tariffs on steel and aluminium.
Additionally, tariffs on a wide range of goods, including food and appliances, could lead to higher prices for American consumers.
Economic Disruption: The tariffs could lead to a trade war, with other countries imposing retaliatory tariffs on U.S. exports. This could harm U.S. industries and jobs, particularly in states that rely heavily on international trade.
Inflation and Recession Risks: The tariffs could contribute to higher inflation and potentially trigger a recession, which would disproportionately affect lower-income households.
In summary, while the tariffs could potentially benefit wealthy individuals through tax cuts and other economic policies, the broader economic impact is likely to be negative, with higher costs for consumers and potential economic disruption.
The US Government of Donald Trump Is Oligarchic, Dysfunctional and Disruptive to the Global Economy
https://www.globalresearch.ca/trump-oligarchic-dysfunctional-disruptive-global-economy/5879132