Staff Reports
President Joe Biden recently announced a new plan to put tariffs on Chinese products like steel, aluminum, electric vehicles, solar panels, and semiconductors. He believes this is necessary because China heavily subsidizes these products, making it hard for American businesses to compete. While this move may protect some American jobs, critics warn that it will end up increasing costs for consumers.
Yaël Ossowski, from the Consumer Choice Center, thinks that these tariffs are essentially taxes that will make things more expensive for everyone. He says that by engaging in a trade war, the government is just taking more money out of people’s pockets. Ossowski argues that subsidies are not the best way to provide lower prices for consumers; instead, he believes in more innovation and competition.
CCP/China wants to destroy the US and we have a huge trade imbalance. Tariffs help US and hurt the CCP so it is the only rational policy
Tariff proponents say U.S. needs trade fairness, but critics warn costs of American goods will rise https://t.co/TH51JVZais via @JustTheNews
— Chris Murphy (@seemurfee) May 16, 2024
Former President Donald Trump also supported tariffs against China during his time in office. He argued that these tariffs did not harm consumers and even claimed that there was no inflation during his administration. Trump’s tariffs aimed to reduce the trade deficit with China, which he believed was strengthening China’s military.
Critics of the new tariffs worry that they could lead to Chinese goods being sold in the U.S. through other countries to avoid the tariffs. This could undermine the effectiveness of the tariffs and hurt American industries. However, some argue that having a variety of options, including Chinese-made products, is beneficial for consumers in a globalized economy.
With both Trump and Biden endorsing tariffs on Chinese goods, it seems that these measures are here to stay. This could mean higher prices for American consumers in the future. Additionally, the tariffs may impact Biden’s plans for a green economy that relies on Chinese goods. Ultimately, the debate over tariffs and their effects on the economy is likely to continue for years to come.
