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Trump refocuses trade war to China
Full StoryFinancial markets soared on Wednesday after President Trump issued a 90-day pause in almost all the tariffs that had roiled the global economy during the past week.
High prices top list of economic worries: Poll
Full StoryThe White House is arguing that revenue from President Trump’s tariffs on U.S. importers is going to help pay for domestic tax cuts.
But there is a lot more to this argument than simple addition and subtraction.
The tariffs’ inflationary effects could undercut savings for American households spurred by the tax cuts, undermining revenue gains from higher consumer spending.
Looked at another way, tax cuts for consumers could end up effectively subsidizing cost increases spurred by tariffs.
And Trump’s tariffs —if they work as intended — could shrink their own tax base as businesses import fewer goods from abroad and Americans shift their spending away from higher-tax foreign goods.
On top of that, projected tariff revenues are just a fraction of the cuts Trump is seeking legislatively.
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Billionaire hedge fund investor Bill Ackman on Wednesday praised President Trump’s decision to implement a 90-day pause on reciprocal tariffs against foreign trading partners, with the exception of China. Read more
What People Think
The world is shocked by Trump’s tariff tantrums — it shouldn’t be Republicans’ dishonesty on deficit reduction Read More Details
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