Protectionism is bad for everyone | Naftemporiki – Greece
Source: euro|topics
Trump’s hefty tariffs will effectively amount to nothing but new taxes on Americans, La Stampa sniggers:
“And of the worst kind, at that, because they will hit the less wealthy Americans the hardest. Those with no budgetary constraints will be able to go on buying goods despite their being more expensive. But that’s not all: tariffs create inflation, which is another regressive tax because it hits the needy hardest. To be fair, Trump is perfectly aware of these two consequences. Americans will feel ‘some pain,’ he recently had to concede. … The point is that in order to generate revenue from the new taxes, i.e. the tariffs, demand for foreign goods must not decline.”
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