Why Economists Hate Trump's Tariff Plan | WSJ

Tariffs are at the center of former President Donald Trump’s economic plan. He wants to put across-the-board 60% tariffs on everything from China and 10%-20% on everything else from the rest of the world. It’s an extreme trade policy that he wants to use to generate revenue to cut taxes. But how would they work?

WSJ explains how tariffs work and what Trump’s proposals would do.

Chapters:
0:00 ‘The Chicken War’
1:42 How tariffs work
2:42 Tariffs as job creation
4:03 Why tariffs are hard to get rid of
5:37 Trump’s proposals
7:04 China

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#Trump #Tariffs #WSJ

[toothlessseer]

"For every complex problem, there's a solution that is simple, neat, and wrong."
_H.L. Mencken_

[bikeboy]

Beware politicians peddling simplistic solutions to complex problems.

[soupisgood]

WHY DON'T PEOPLE KNOW HOW TARRIFS WORK. I'm here in Argentina, and you want to know how much a bottle of imported shampoo generally costs? $20-$30. And some items don't have many competitors, so the Argentian products get away with ALSO increasing their prices, because it will still be cheaper than the imported option, and it causes a domino effect with increased prices. Tarrifs are a nightmare for regular people

[BP-]

I have a major problems getting behind an economic plan proposed by someone who was able to bankrupt a casino.

[zhli]

Trump said "China paid the tariffs", but in reality, American consumers paid. That's thinking about hurting China first, not benefiting Americans first. In the end, who lost the trade war?

[dennisw]

Economists hate it because they are not stupid

[NorthernChev]

I work for one of the nation’s largest steel importers and distributors. When Trump imposed the tariffs on steel we kept buying the Chinese steel (because that’s what our customers wanted) and took that opportunity to massively jack up our prices on American steel to MATCH the now inflated price of imported steel. All our competitors did the EXACT SAME thing. Our customers had no choice but to now pay this premium costing American consumers billions of dollars extra annually and as a result helping send the country into economic inflation due to everything costing more. Edit: Industrial customers who buy steel for manufacturing can’t simply switch over to a different steel due to the elemental properties of said metals. Each “type” of steel, even though categorized as “the same” have slightly different properties that throw off a factory’s setting and require all new testing and production line recalibration. You can’t just STOP buying one type of steel and switch to another. That’s why our customers demanded we keep selling them the Chinese steel they had been using before the tariffs. These tariffs HURT American industry and we handed that hurt down to the customer’s pocketbooks.

[edwardvalle]

America cant complain about anything, Americans voted for this .

[PrivacyZone]

It's ironic that Trump pushes for tariffs on China to 'protect American jobs, ' yet many of his own campaign products are made in China. If he truly wanted to support American workers, shouldn't he lead by example and source locally? This feels more like a double standard than a real solution.

[nicholasmcnelis]

This video does not cover the fact that Trump does not understand how tariffs work. Trump had claimed that tariffs don't raise the price on goods. Trump had suggested a 200% tariff on an American company that moved manufacturing out of the US.

[bigfungus]

Trump: I will fix inflation
Also Trump: proposes a tariff which will cause massive inflation

[ratman]

I better not hear a single maga fan complaining about inflation in these next four years

[Cathy-xicb]

Trust a repeatedly bankrupt businessman? Only angry voters who don't understand economics would want this clown running things!!

[AlphaGeekgirl]

He doesn’t have a tariff plan. He’s been asked at least two dozen times in various interviews what his tariff plan is, and he has never once answered the question.
But he might have a concept of a plan.

[nilswedin]

A major cause of the Great Depression in the 1930s was tariffs. Nobody wins trade wars,

[driesverhaag]

Hahahah, he's president now, shows that half of the americans dont read anything other than the headlines

[sapphyrus]

I love how the American poor rush to elect leaders who promote more poverty for them.

[jackkelly]

It's actually insane we have a candidate whose only economic policy is tarrifs, and he genuinely has no idea what a tarrif even is

[ronblack]

you guys totally blew it when you didn't even mention how china retaliated by not buying us grain . thousands of us farmers went bankrupt because they lost the chinese market. this kind of thing will happen all over the world .

[sepewrath]

These tariffs are a terrible idea, but people voted for this guy anyway. That decision will come back to haunt them. I mean you handed the keys to the guy who created all these economic problems in the first place