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Let’s correct the factual errors in @realDonaldTrump’s tweet:
1. China isn’t paying the tariffs. Americans directly pay the tariffs. Tariffs are paid at the border by the IMPORTER to get the goods released. Trump’s tariffs are paid by the American importers, not by China.
1. China isn’t paying the tariffs. Americans directly pay the tariffs. Tariffs are paid at the border by the IMPORTER to get the goods released. Trump’s tariffs are paid by the American importers, not by China.
2. Government revenue is NOT a proxy for the health of an economy. Higher taxes raise higher revenue revenues but HARM an economy. Trump’s tariffs are a form of higher taxes and so are indeed increasing federal revenue, but this has nothing to do with the health of the economy.
3. Not only is federal revenue NOT proxy for economic health, but in fact is inversely related to it, driving much higher revenues to the federal government through higher taxes has NEVER been a conservative policy goal.
4. If in fact President Trump raises tariffs further, he will be further raising taxes on Americans. Through tax reform President Trump dramatically lowered taxes with one hand, but through his tariff policies he is raising taxes with the other hand.
5. The economy is performing at a wonderful level right now, which is the only reason the president has so far gotten away with these tariff policies. How much better would our economy be doing if tariffs were not shooting it in the foot? I for one would love to find out.
6. In the face of our exceptionally strong economy, there are two industry sectors that are suffering — agriculture and automobiles. Not coincidentally, these are the two industries where Trump has targeted tariffs and which resulted in the predictable retaliatory tariffs.
7. By directly tying his tariffs to trade negotiations with China, the president has completely undermined the national security basis he used to legally justify the tariffs.
