Another in an ongoing series:
Dear Senator McCormick;
I am a resident of Pennsylvania and a constituent of yours and I'd like you to answer a question or two.
I've asked you about tariffs before but now that Trump's latest round of tariffs have clicked in, there's a few left unanswered.
Given this from the Tax Foundation:
Tariffs are taxes imposed by one country on goods imported from another country. Tariffs are trade barriers that raise prices, reduce available quantities of goods and services for US businesses and consumers, and create an economic burden on foreign exporters.
And this from Oxford Economics:
Tariffs are taxes imposed by a government on goods and services imported from other countries. Think of tariff like an extra cost added to foreign products when they enter the country.
And this from the National Retail Federation:
Tariffs are a tax on goods imported into the United States and are paid for by the U.S. importer. Tariffs are just one of several trade policy tools available for policymakers to achieve a successful diplomatic outcome. They are intended to raise the cost of imported goods, making them less competitive compared with domestically manufactured products.
When tariffs are enacted, retailers are forced to choose between raising their prices or relying on already slim profit margins to absorb the increased cost of inventory.
So Senator let me ask you a simple question: In the end, who pays the tariffs?
I'll await your answer, Senator.
As always, whatever answer I get.
