Trump announces new tariffs on China

By Peter Skurkiss:

On August 1, President Trump announced 10-percent tariffs on 300 billion dollars’ worth of Chinese goods that previously had not been subject to import duties. These new tariffs are scheduled to kick in on September 1 and are in response to China reneging on or failing to live up to prior trade promises.

The naysayers with their Adam Smith textbooks in hand are all over the media, claiming that tariffs increase the price of goods for the American consumer. But this is not the case. If it were, price inflation in the U.S. would not be as low as it is now, nor would the economy continue to be strong. Contrary to “expert” opinion, China’s manufacturers are carrying most of the tariff burden. The reason why is that the Chinese economy is highly dependent on exports to the U.S. and cannot afford to lose market share.

Read more: American Thinker