MSNBC’s Chris Hayes described Donald Trump's vision on tariffs as “one of the most deranged policies” of all of time, and it’s worth understanding why.
https://www.msnbc.com/rachel-maddow-show/maddowblog/trumps-radical-new-idea-taxes-impossible-defend-rcna157707
It was last year when Team Trump made clear that the presumptive GOP nominee, if given a second term, intended to impose massive new tariffs, which a Washington Post report said would set the stage for a “global economic war.” CNBC reported late last week that the Republican candidate went a step further in describing his vision while speaking with congressional allies.
Donald Trump on Thursday brought up the idea of imposing an “all tariff policy” that would ultimately enable the U.S. to get rid of the income tax, sources in a private meeting with the Republican presidential candidate told CNBC.
MSNBC’s Chris Hayes described this as
“one of the most deranged policies” of all of time, and it’s worth understanding why. As the Washington Post’s Catherine Rampell explained in her latest column:
The expected costs of Trump’s recent tariff proposals would be staggering. For example, his plan for a universal 10 percent tariff coupled with a 60 percent tariff on Chinese goods would more than wipe out any savings most Americans would get from extending his 2017 income tax cuts, according to estimates from the Peterson Institute for International Economics. The bottom 80 percent of households would see a tax increase on net.
In other words, most Americans, including the entirety of the middle class, would end up paying more, not less, under Trump’s vision. Why?
Because Trump’s tariffs would make products cost more, and since working families spend a greater percentage of what they make on these products, they’d end up worse off......
To be sure, a common refrain over the last few days is that Congress would never approve such a radical agenda. Perhaps not, but Republican Rep. Byron Donalds appeared on NBC’s “Meet the Press” over the weekend, and when asked about Trump’s tariffs policy, the Florida congressman said, “There’s some merit to it.”
There really isn’t.
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