- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
Among the reciprocal tariff levels Trump announced:
China: 34%
European Union: 20%
South Korea: 25%
India: 26%
Vietnam: 46%
Taiwan: 32%
Japan: 24%
Thailand: 36%
Switzerland: 31%
Indonesia: 32%
Malaysia: 24%
Cambodia: 49%
United Kingdom: 10%
Rest of the world: 10%
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In essence this policy primarily imposes taxes on businesses, severily reduced the wealth of the billionaires, properties this forum often applauds. Funny how suddenly it’s not liked.
US politics really is like picking a favourite sports team :D
Because we all know these good-natured corporations will bear the brunt of this in order to keep prices the same for US consumers.
Actually, aren’t you forgetting that Trump said the foreign countries will be the ones paying these tariffs? Take care not to step out of line with the regime.
No! Your football team bad, mine good!
Just reminding people this handy button exists!
Go Grey Socks!
Seriously though, this probably won’t affect billionaires because companies like Nike can move most of their operations overseas and avoid paying tariffs during their manufacturing process, and then just pass the cost of to US consumers when they sell to that market.
Even worse, when Trump put tariffs on washing machines (which Biden kept in place) one effect was that US made washing machines (not paying tariffs) jacked up their prices for US consumers simply because there was less competition.
It truly is a sucky world for non-billinaires.
