Trump makes bizarre claim that tariffs will help pay down the massive US debt – Washington Post

President Trump tweeted Sunday morning that his tariffs are working big time and made a bizarre claim that the money raised from these new import taxes will go a long way to helping pay down Americas large debt. (Short answer: Thats not what will happen).

Trump portrays the tariffs as a tax on foreigners, but the reality is that tariffs are taxes on U.S. companies and consumers. When a big U.S. retail chain or an equipment manufacturer has to pay 10 or 25 percent more to get steel from Canada or a certain part from China, that U.S. company has to pay the tax wh…

Read the full article at: https://www.washingtonpost.com/business/2018/08/05/trump-makes-bizarre-claim-that-tariffs-will-help-pay-down-massive-us-debt/