Trump’s Tariffs Are a New Tax on Americans - President Trump is undermining the credibility of his trade policies by falsely claiming that China is paying the bill (The New York Times link): President Trump’s new tariffs on Chinese imports, which took effect at 12:01 a.m. on Friday, are taxes that will be paid by Americans. That is a simple fact, and it remains true no matter how many times Mr. Trump insists the money will come from China.
It doesn’t really matter who gets the bill, however. The important question is where the money to pay it comes from. And in broad terms, there are only two options: It comes either from the firms that make, move and sell the products or from the pockets of the buyers.
Mod: Most of it will be paid by you. The rest of the article is available at the link.