So a trade deficit equals a subsidy in trump’s brain.
The US has a trade deficit with most of the world. If he goes 0% -> 25% on all imports it’ll be about $1T in funds moved from private hands into government coffers. (Of course, not all countries have 0% import tariffs today).
Would this be the biggest tax raise in American history?
So a trade deficit equals a subsidy in trump’s brain.
The US has a trade deficit with most of the world. If he goes 0% -> 25% on all imports it’ll be about $1T in funds moved from private hands into government coffers. (Of course, not all countries have 0% import tariffs today).
Would this be the biggest tax raise in American history?
Maybe, and it hits the poor worse than most forms of tax increases.
So it’s blatantly in favor of the 1%, accumulating power even more in the top.
I think it’s a bit of a stretch to call it a “brain”.