thehabhater
Some call me Tim
Under Trump's often quoted plan, everything that is manufactured or grown outside the US will, automatically, be 20% higher because of tariffs.The premise behind the tariffs, to my knowledge, is to prevent companies from offshoring labor and keeping jobs at home. Want to offshore production? Then pay for it.
I do think it is ironic how the side who wants to raise taxes on corporations, erase loopholes, etc is lecturing on how price increases are passed to consumers.
Rising prices at 20% is massive inflation. A recession would be inevitable.
Now when the US exports their product, the rest of the world will retaliate with tariffs of at least equal value.
Global recession.
One wonders how Trump would sell his vision of corporate tax cuts when no one is paying taxes.