Chapter 1: What is the main topic discussed in this episode?
Well, howdy there, Internet people. It's Belle again. So today, we're going to talk about you paying 55% of Trump's tariffs. One of Trump's key campaign promises was that other countries would somehow magically pay for the tariffs he promised to impose.
The do-your-research crowd obediently disregarded the statements from economic advisors, investment firms, Nobel Prize economists, and generally every expert in the field.
Chapter 2: What are the implications of paying 55% of Trump's tariffs?
Obviously, Trump knew better. When they were countered with evidence to the contrary, they simply denied it. That led to questions like this. Ms. Bell, can you go over that analysis that says we're already paying a third of the costs of the tariffs and that it's expected to go up as time goes on?
I can't find the video and have a family member who, for whatever reason, believes that foreign countries are paying for them and that inflation has gone up because of Biden somehow. I refuse to go back over that data because it's dated now. The new data says that we're already past the 33% mark.
Economists at Goldman Sachs are now saying that by the time your holiday shopping season is over, you'll be paying about 55% of the costs of Trump's tariffs. That's 55% to the American consumer, another 22% to U.S. business, 5% to tariff evasion. leaving a tiny 18% being absorbed by foreign companies.
As time goes on, all of these numbers will shift, and the American consumer will continue to shoulder more and more of the costs. Trump isn't taxing foreign companies or foreign countries. He's taxed you. You're paying for it. When he brags about the billions in tariff money raised, that money is taken out of the pockets of working class Americans all over the country.
This has caused the expectation that inflation will be 50% above target. These numbers do not include the recent development where Trump promised new 100% tariffs on China. That will take more money from you. Meanwhile, National Retail Federation Chief Economist Mark Matthews addressed how companies have been trying to put off passing the cost onto you by being incredibly efficient.
The idea is that companies are doing things to limit the amount they pass on.
He says they can't do that forever, and that, quote, it will have to turn into job cuts and wage reductions, and that's where the economy gets hurt. So, after Trump's tariffs raise prices on you, they will also end up lowering American wages and job growth. When it comes to the economics, you see your prices going up. You know Trump has made it worse. You can blame it on Biden if you want.
But when you do that, you give an out to Republicans in Congress who have the power to stop this at any time. The longer people deflect blame from them, the higher their prices will go. It's your choice on whether to double down on your own economic pain. Anyway, it's just a thought. Y'all have a good day.
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