In this report, Ben Meiseles criticizes Donald Trump’s proposed plan to replace most income tax in the U.S. with universal tariffs, explaining that tariffs are a tax on U.S. companies for importing goods, which is then passed on to American consumers, raising prices and fueling inflation.
Ben discusses the growing confusion among Trump voters, many of whom believed the tariffs would be paid by foreign producers, not realizing the burden will actually fall on them.
Trump's plan will ultimately harm American workers, limit wage increases, and cut bonuses, as companies shift costs to consumers and make operational adjustments to avoid tariffs. Economists' are in near-unanimous agreement on the inflationary effects of tariffs, noting a University of Chicago survey showing that most economists believe tariffs will increase prices for the nation’s consumers.
Some companies are already responding to Trump's plan by moving production from China to other countries like Vietnam or Mexico, not the U.S., meaning Trump’s plan won’t even have the stated effect of bringing back manufacturing jobs. Retailers like Steve Madden have begun preemptively adjusting to potential tariffs, impacting their costs and pushing prices up further for consumers.
While corporate media tried to cover up the true effects of Trump’s plans, we at MeidasTouch covered the real impact of Trump’s plan every day leading up to the election. And with your help, we will never stop reporting on these threats.
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