Let’s Call These Tariffs What They Are: Trump’s National Sales Tax
A recent Wall Street Journal headline read: “The dumbest trade war in history—Trump will impose 25% tariffs on Canada and Mexico for no good reason.” But in reality, Trump does have a reason—one that benefits the ultra-wealthy at the expense of middle-class Americans. The Biggest Wealth Redistribution in U.S. History Congressional Republicans are already working on a tax bill designed to provide massive breaks for billionaires. Even with planned cuts to social programs, reductions in government spending, and the removal of DEI initiatives, the numbers don’t add up. So how do they make up the shortfall? Enter Trump’s tariffs. In 2023, the United States imported approximately $429.6 billion worth of goods from Canada. Of that, crude oil accounted for $124 billion , leaving $305.6 billion in non-oil imports. If Trump imposes a 10% tariff on oil and a 25% tariff on other imports , that would generate an estimated $88.8 billion in additional revenue for the federal government. App...