One of Donald Trump’s favorite stump speech highlights is how he is going to bring jobs back to America by placing tariffs on imports…particularly a 35% tariff on goods imported from China.
Now ignoring how unlikely such a tariff could move jobs back to the United States…and the strong likelihood that it could start a trade war…who do his supporters think is going to pay that 35% tariff? The Chinese manufacturers? The importers?
As always with any tariff, tax, fee, franchise or license, the costs will be passed through to the consumer. That’s you and me. So that pack of socks for $10.00 will suddenly become $13.50. Those $60.00 jeans will be $81.00. And your standard of living will take another nose dive.
Just imagine that!