In the same week that Donald Trump crossed the delegate threshold to formally clinch the Republican nomination, and as Americans head into the unofficial start of summer this Memorial Day holiday weekend, the centrist Washington think tank Third Way calculates what the billionaire property magnate’s “plan” to slap import tariffs on goods from China and Mexico would mean “for an actual family over an actual weekend”.
Based on past Trump pronouncements on the stump that he would – for various and arguably dubious reasons – impose ridiculously high tariffs on Chinese and Mexican imports, Third Way looked at ten items that a typical American family might purchase for a fun Memorial Day weekend.
Their list includes things like beach towels, outdoor chairs, a grill, swimsuits, and some things to do with the kids. All but one (the tequila, naturally) are from China and would therefore be hypothetically subject to the 45% tariff that Trump has threatened to levy against the job-stealing Asian nemesis.
Third Way Economic Program Vice President Gabe Horwitz amusingly explains with meticulous precision the exhaustive methodology used to arrive at the determination that on goods with a combined shopping tab of $1,090, the imagined “Trump Tax” would add $163 to the cost of a family’s Memorial Day weekend.
Or to put this amount another way, “the average worker would have to put in another full day of work to afford the exact same goods”.
Based on figures showing over 37 million people, or about 14 million households, traveled on Memorial Day weekend, the article goes on to project that the national impact would be a $2.3 billion tax increase.
“Trump’s tariffs may start a trade war and may lead to a recession,” Horwitz concludes, “but before that, they’ll simply hurt consumers.”
Click here to read the article.