It’s all they’re complaining about. I tell them that Trump plans on eliminating income tax and they can’t comprehend that.
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Tariff System - 1. Phased in so that industries aren't rendered unprofitable due to tariffs on foreign-sourced essential parts; 2. Purely foreign-made products like cars will be fully tariffed, encouraging US plant expansion and jobs; 3. Reducing taxes on transferring foreign cash into US banks fuels further growth; 4. The growth will aggressively pay down debt; 5. The growth will quickly adjust debt ratios so that the US is underleveraged.
All these talking points can be gleaned from the Joe Rogan interviews with Trump and Elon, if you want sauce.
How are the amounts of tariffs determined? For example how are tariffs determined on imported steel?
They usually use a blanket amount that already has an established international rate schedule range. The US government has a harmonized tariff schedule to codify taxes. That said, it can be customized to encourage or discourage trade with certain countries. Trump set steel at 25% for most countries, yet several countries enjoy lower rates, whereas Russia was hit with a 200% rate.
So is the 25% tariff for steel based on a wholesale or retail rate?
That's on (typically) wholesale price as it comes in, so US companies who buy/import those units will have to pay it. Importers pressure their suppliers to lower costs, and/or importers raise the prices and pass on to consumers - hence the need for a methodical rollout. Kias and hyundais will go up in price, for example, but those are the predatory foreign manufacturers. Companies will have to grow their manufacturing capabilities in the US beyond their one or two plants if they want to keep selling into the US economy.