U.S. Trade Representative Katherine Tai made the case for Biden's new China tariffs on Wednesday.
“Tariffs are sales taxes on imported goods,” said Douglas Holtz-Eakin, former director of the Congressional Budget Office. “There is an enormous amount of research on sales taxes, and they raise the price paid by consumers. Period.”is wary of giving the impression that its actions will hike prices further than they have already, but “what she said is false.”
While the trade-offs could be worth it via stronger U.S. manufacturing and less reliance on a hostile foreign power, the idea that it won’t raise prices doesn’t hold water, according to University of Massachusetts Amherst economics professor Gerald Friedman.“When you put tariffs on, you raise prices,” he said. “You reduce competition. And that raises prices. Maybe that’s a good thing anyway! But don’t bulls*** us.”for as little as $10,000 brand new.
A third economist, the Bipartisan Policy Center’s Bill Hoagland, offered a more nuanced response hinging on whether Tai meant prices on goods subject to the tariff or prices overall.
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