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Why is Donald Trump pushing tariffs when many economists say it is a bad idea? Let me give a brief history of tariffs. When the U.S. became a nation, Alexander Hamilton was its first Treasury secretary. The country needed funds to pay for the debts incurred during the Revolutionary War. Hamilton used tariffs to help the government acquire funds to pay for its debts. As the nation grew, tariffs on imported goods became less important as a tool for taxation.
Fast forward to the present. Trump is apparently looking to extend parts of the 2017 Tax Cuts and Jobs Act that are set to expire this year. Tariffs increase the price of goods to consumers in America, giving him the funds to help pay for his giveaway to the wealthy.
Trump is going to make all American consumers pay for his tax cuts at the risk of a recession.
Stuart Shimazu
Kapahulu
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