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In listening to the economic proposals coming from the presidential candidates, one thing stands out to me and I believe needs clarification.
Tariffs are not a fee paid by the manufacturing country or business. They are taxes/fees levied against the importer of those goods.
In 2019, my wife and I were building a new home. We opted to build “off grid” for a number of reasons. For energy storage, we decided on nickel/iron batteries, a type of battery no longer being manufactured in the U.S.
I found a producer in China who could provide the batteries we wanted for just under $10,000, including shipping. That was until the tariff hit. In keeping with a new tariff policy instituted by our last president, we had to write a check to the U.S. government for nearly $2,000 for the privilege of importing our batteries.
This tariff was not paid by China, or the Chinese manufacturer, it was paid by me.
Currently, Walmart imports between 70 percent and 80 percent of what it sells in its U.S. stores, from China. If the proposal to put a 60 percent tariff on goods imported from China, as suggested by one of the presidential candidates, were to be implemented, you would see a shocking increase in consumer pricing. Inflation would hit double digits. Your bill at checkout at Walmart would increase by 50 percent. Something to consider.
Patrick Cosgrove
Union
