‘Tariff Man’ Has No Idea How Tariffs Work

‘Tariff Man’ Has No Idea How Tariffs Work December 17, 2018

Trump has declared himself to be “Tariff Man,” which is apparently the dumbest superhero ever because he doesn’t even understand how tariffs work. He has repeatedly claimed that tariffs force foreign governments to pay us to export their goods here, but the tariff is not paid by the exporter but by the importer of the goods (and ultimately by the consumer).

On Fox News, he told Harris Faulkner:

“We have placed tremendous tariffs on China. When China sends things into America now, they’re paying 25% interest on everything they send in.”

No, you dolt. They’re not. The tariffs are paid by the company that imports them, which is why it’s dramatically raising the costs of so many products. When you put a 25% tariff on steel and aluminum, for instance, every company that imports those things and uses them to make products, like cars and appliances, has to pay that 25% tax to the federal government. Those specific tariffs have cost GM an estimated $1 billion already, which is why they’re having to shut down plants. But Trump is just too ignorant to understand that.

And this man has a master’s in finance from an Ivy League school, for crying out loud. I can only assume that his dad bought him that degree. What other explanation is there?

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