The Trump administration is stumbling blindly into policies that could skyrocket the costs of numerous products, hitting American families directly in their bank accounts. A president who promised economic prosperity could ironically end up inflicting completely avoidable and unjustifiable hardships on the middle class.
This week, our conman president announced a 30% tariff on imported solar panels and a 50% tariff on imported washing machines, a move in keeping with the ignorant and misinformed trade rhetoric from his campaign. Donald says such a move will help keep American companies competitive, but in reality, it is far more likely to raise the prices for Americans as the number of options in the marketplace shrinks.
Now, South Korean company LG Electronics has announced it will be raising the prices for some of its washer and dryer machines as a means of offsetting Trump’s ludicrously high tariff, reports The Wall Street Journal.
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As anyone with even a cursory knowledge of basic economics could have predicted, the costs have been passed along to the consumer. LG added that the Trump tariffs were “unjustified.” Prices on some appliances may rise by $50.
“As a result of the trade situation, we will be initiating pricing actions, which will be sent under separate cover shortly,” Thomas Yoon, an executive at LG said in a memo to retailers that was obtained by WSJ.
The tariffs were announced Monday and today Treasury Secretary Steve Mnuchin made the surprise announcement that the Trump administration welcomes a weak dollar, a drastic departure from longstanding marching orders that the U.S. government wants a strong dollar.
Mnuchin stated that a weaker dollar would incentivize foreign nations to import U.S. goods, which makes baseline sense, but totally fails to grapple with the fact that foreign nations might respond by devaluing their own currency, or hiking tariffs on U.S. imports. In short, Trump’s tariffs wedded with his administration’s push for a weaker dollar risks a trade war. If we get one Americans across the board will suffer.