The Fort Worth Star-Telegram interviewed Dennis Jansen for a story on the impact of tariffs under President-Elect Trump that was published on November 20, 2024.
A tariff is a tax on imported goods from one country to another. Tariffs are common, but the tariffs supported by President-Elect Trump are much higher. “To put that into perspective, the average tariff is much more like a couple of percent, like two; it’s nowhere near 10 or 20%,” Jansen said. “If you look at other developed countries like the European Union or Japan, their tariffs are very low, so this is a big thing.”
Tariffs costs are passed on to the consumer, and countries that raise high tariffs are in danger of causing a tariff war. “If we impose a 10% tariff, other countries are going to have a hard time selling stuff to us because the prices are going to be higher, and people in the US are going to buy less,” he said. “So there’s a chance we could get into a tariff war which is us raising ours to 10%, and they raise theirs to 10%, the government revenue will go up, but international trade will decline,” said Jansen.
Read more at: https://www.star-telegram.com/news/politics-government/article295812304.html#storylink=cpy