On May 10 the United States hiked $200 billion in tariffs against China.
President Donald Trump’s trade strategy is to sign “attractive” trade deals. But Americans pay the price tag. Tariffs are added to the prices of imported goods and raise domestic prices.
Americans shouldn’t have to pay the price for the president’s decision.
Tariffs hurt the finances of those who can’t afford the extra money. Not only Americans but foreigners as well. Especially domestic businesses who sell abroad take the financial hit.
Want proof? Here are 202 companies hurt by Trump’s trade war so far.
Harley Davidson shifted their production overseas to dodge EU regulatory tariffs (I’m biased, I own a Harley). The tax raised U.S motorcycle tariffs from 6% to 31%, raising each bike by $2,200. Fewer millennials ride Harleys, and their business would have paid if they stayed domestic.
Domestic Steel output is near an all-time high, despite a reduced workforce (more productive).
Trade is beneficial to all parties. Tariff prices shouldn’t break advantageous deals.
You’ll pay for tariffs at stores. I prefer to spend less.