No, Tariffs Won’t Ruin Christmas

Tariffs won’t ruin Christmas? Spencer P. Morrison has the good news (for more from Morrison on the subject of trade and tariffs follow this link):

President Trump says he will impose a 10 percent tariff on $300 billion worth of Chinese imports beginning September 1. The tariff would affect consumer goods primarily, according to an analysis by Goldman Sachs.

Cue the histrionics.

This is America’s Pravda at its finest. Trump will not ruin Christmas, and the price of toys will not rise perceptibly. Why? Because tariffs don’t work like sales taxes and therefore don’t affect prices in the same way. The media pundits are either willfully ignorant of this fact, or ignorant in general.

Time-Traveling to Roast Chicken Little

Every time President Trump raises tariffs, the media clucks that American consumers will pay the price. This hasn’t happened yet and it won’t happen now. Consider the great washing machine debacle of 2018.

Liberals lost their collective mind. Low-income Americans would not be able to afford washing machines, they shrieked, and soon we’d be living in a nation of grungy, soiled masses—the average American would look like Pig-Pen from the Peanuts gang.

That never happened.

Image credit: www.amgreatness.com.