Key Takeaways:
– Donald Trump plans to impose large taxes (tariffs) on goods imported into the US.
– It’s predicted these taxes will cost the average family close to $4,000 a year.
– Trump says other countries will foot the bill, but most costs are passed onto consumers.
– Beside tariffs, he also plans to grant waivers to favoured individuals or businesses, building a monumental engine of corruption.
– Lastly, he wants to replace existing bureaucrats with trusted allies likely to endorse his plans.
Introducing Trump’s Tariff Tactics
Presidential hopeful Donald Trump is keeping all eyes on him with a shocking economic strategy. He’s proposing hefty import taxes that could hit the middle class hard. Yes, you heard it right. Trump plans to thrust a 20% tax on all imports, a staggering 60% on all Chinese imports, and a jaw-dropping 2,000% tax on imported cars.
Consequences of the Tariffs
Are you a fan of tequila or like playing video games? Well, the cost of enjoyment might see a bump soon. Because these tariffs would make everything from tequila to gaming consoles more pricey. On average, that means that in a year, it might cost the typical family an extra $4,000. Ouch! On top of that, costs for others might surge even more, pushing up inflation.
“But won’t the other countries pay?”, you ask. Apparently not, since it’s usually the buyers who bear most of the tariff cost. This was proved during his first term when consumers ended up paying nearly all the tariffs through increased prices.
The Dark Side of Tariffs
It doesn’t just stop there. Trump is eyeing the chance to manipulate these tariffs. The power to levy taxes and waive them for a favoured few lies with the president. With US imports worth a whopping $3.8 trillion, certain decisions could foster a terrifying era of rampant corruption.
You see, businesses that rely on imports could rise or fall based on Trump’s whims. Imagine this, Elon Musk’s imported parts might get tariff exemption while General Motor’s don’t. This brings a potential for a corruption-riddled kleptocracy bound by the president’s discretion.
Bribery and Politics: Tariff’s Ugly Countenance
Trump’s business portfolio prompts possibilities for fraud. His businesses brought in nearly $2 billion in his first term, with hefty amounts from China, Saudi Arabia, and Qatar. The list goes on, with suspicions of him accepting bribes such as 200 pounds of cash from Egypt for a more favourable diplomatic treatment.
Waiving tariffs seemed arbitrary in Trump’s first term with some startling choices emerging. While religious texts from China saw relief due to religious right lobbying, textbooks didn’t. Fish such as salmon and cod received waivers too, but fish farm related imports didn’t. This mishmash of decisions shows how inconsistent tariff waivers could become.
The Battle against the Bureaucrats
To grease the wheels of his tariff plan, Trump plans a bureaucratic purge. He’d like to replace career civil servants with his supporters. This move could see the government becoming more of a Trump-led operation.
If this goes through, Trump could control trillions of dollars in trade decisions, handpicking winners and losers. He’s done it before and he could do it again—only this time, in a much grander scale.
In the End…
Trump’s tariff plan, should it become a reality, has the potential to reshape not only the American economy but also its governance structure. While it might bring some temporary financial gains, the potential implications could be a bitter cup to swallow for the regular American families and the integrity of the public office. It’s crucial to remember that economic strategies should carry the interests of all, rather than the desires of a few.