Staff Reports
Once again, the ever-controversial figure, Donald Trump, has ignited a storm of debate with his proposition to impose a ten percent tariff on imported goods. Predictably, those on the liberal side of the spectrum have emerged from the shadows, spinning tales of economic despair, warning of dire consequences for consumers' wallets.
“NOTHING OF THE SORT HAPPENED!”
Breitbart Business Digest: Tariff-mageddon Is Back https://t.co/qTuoOIula5— YOUGOTTASEETHIS 🍊 (@klnassie) March 29, 2024
Enter the Center for American Progress Action Fund, a stalwart of the Democratic camp, armed with their latest analysis projecting a hefty $1,500 annual tax burden on American families due to the proposed tariff. According to their forecasts, households could anticipate shelling out an additional $90 for groceries, $90 for prescription medications, and $120 for oil-related products like gasoline.
But before we jump on the doomsday bandwagon, let's pause for a moment, dear compatriots. Haven't we danced to this tune before? Recall the hysteria surrounding Trump's initial tariff proposals on imported steel and aluminum. Critics prophesied skyrocketing prices, akin to the Y2K panic of the late '90s.
Major news outlets echoed these sentiments, predicting steep price hikes that would hit consumers where it hurts the most – their wallets and paychecks. However, as keenly noted by Breitbart News, this grim forecast failed to materialize. Inflation rates for automobiles saw a mere uptick of 0.12 percent annually following the imposition of tariffs.
And who could forget the tumultuous saga of the China tariffs? J.P. Morgan sounded the alarm, estimating an additional $1,000 in annual expenses per American household due to duties on Chinese goods. Yet, the reality, as reported by The Washington Post, painted a far less dire picture, with costs closer to a modest $100.
But hold your breath, for the Center for American Progress Action Fund now weaves a fresh narrative of doom, projecting a $1,500 tax hike per household attributable to the proposed tariff. Their analysis, however, rests on shaky ground, merely assuming that all tariffs will trickle down to consumers without substantial evidence.
They conveniently reference a study highlighting the impact of U.S. import tariffs, yet conveniently omit the finding that retail prices remain largely unaffected. In truth, businesses are already pricing their goods at maximum levels, and slapping on a tariff doesn't magically open consumers' wallets wider.
Let's not overlook the broader purpose of tariffs – they aren't merely about imposing costs, but about reshaping global trade to favor American interests and workers. They can spur domestic production, offering a strategic lever in negotiating better terms with trading partners. Far from spelling economic doom, the proposed tariff could serve as a catalyst for negotiation, innovation, and revitalization in sectors of the American economy long deemed moribund.
