Lawmakers slam Trump's tariff increases on China National Economic Council Director Larry Kudlow contradicted President Trump on May 12, saying American consumers would end up paying for tariffs on ...
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Trump proposed a massive $15 billion bailout for American farmers to bring relief from the trade war with China that the president started by imposing tariffs on Chinese goods, prompting the Chinese government to retaliate with its own tariffs, but it's not China that's paying the tariffs in the long run: it's American consumers. A tariff is a tax on goods imported into the U.S., and companies faced with that tax are just going to pass the cost on to the Americans who buy their goods. That $15 billion could ease the strain that farmers are feeling as the slump in Chinese demand is causing the price of crops to drop, but a prior $12 billion relief package did little to takethe pressure off of them. As the Des Moines Register reports, Midwestern farmers are getting hit hard as prices for corn and soybeans plummet.
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