Conservative economist Michael Strain argues against President Trump's tariff plan, predicting it will lead to increased consumer prices. Strain highlights concerns over the inconsistencies in the administration's messaging about who will bear the tariff burdens. While he acknowledges the need for a tougher economic stance on China, he finds the tariffs aimed at allies like Canada and the EU unjustified, especially since they already had low tariff rates on U.S. imports. Overall, he emphasizes that the economic repercussions will negatively impact American consumers and businesses alike.
Strain's main concern is that Trump's tariff plan would inevitably increase consumer prices and burdens for businesses, contrary to the administration's claims.
Strain notes that while some goods will see the burden of tariffs absorbed by foreign sellers, many essential imports will result in higher costs for American consumers.
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