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Which countries would get hit hardest by Donald Trump's tariffs?
(www.newsweek.com)
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this post was submitted on 15 Nov 2024
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Not quite. It's not the foreigners who pay the tariffs, it's the locals. The tariff is charged at customs when the product enters the country and the people paying that are the people doing the importing. Tariffs don't bring more money into the country, they just penalize local people who import goods from overseas. It's a tax. Back when Republicans were consistent they hated all taxes, heh.
From the point of view of the local consumer it makes no difference - the price rises unless there is a locally made substitute they can buy instead.
The price rises even if there’s a locally made substitute, because odds are that it costs more to make locally, and the price floor is now higher, too
Even if it doesn’t cost more to make it locally you can just hike your prices anyway if your only competitors have tariffs applied.