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Politics : Formerly About Advanced Micro Devices

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From: Wharf Rat	3/8/2019 9:12:03 PM
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marketwatch.com Opinion: Forget what Donald Trump said: Tariffs are a tax on American consumers Published: Mar 6, 2019 3:02 p.m. ET After falling for years, prices of major appliances turned higher when President Donald Trump imposed tariffs on imported washing machines. President Donald Trump’s trade war provided the kind of real-world experiment that practitioners of the dismal science so desperately crave, but the results weren’t all that different from what their econometric models predict. In a new paper, “The Impact of the 2018 Trade War on U.S. Prices and Welfare,” economists Mary Amiti of the Federal Reserve Bank of New York, Stephen J. Redding of Princeton University and David Weinstein of Columbia University document what economists have told us for decades: that tariffs are a tax on the consumer. Trump may say, and believe, that “billions of dollars will soon be pouring into our Treasury from taxes that China is paying for us,” but China isn’t paying the taxes. U.S. consumers are. And as for the president’s belief that tariffs will “cure” the nation’s trade deficit, which he sees as a sign of weakness, today’s data suggest otherwise.

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