Quotes
You can't have 21st-century government spending with a 19th-century tax system,
It's just not a realistic proposal,
said Alex Durante, senior economist at the Tax Foundation, which analyzed the idea in June If you’re raising tariff rates and reducing income tax rates, the main thing you’re doing is shifting taxation from wealthy people to hourly wage workers and their families,
The biggest trade deficit reductions we’ve had in the 21st century were during the financial crisis in 2009 and the Covid pandemic in 2020,
Germany produces trade surpluses from year to year, and Germany has seen economic stagnation,
There seems to be this sense in the White House that trade surpluses are good and trade deficits are bad. There are cases where that may be the case. But look, we have a trade deficit because the United States is a rich country. And we are using our high income to buy goods and services from other countries."
Ernie Tedeschi, director of Economics at the Yale Budget Lab and former White House economic adviser, told NPR on Monday They take almost nothing, and we take everything from them."
Trump justified the move with reference to America's trade deficit, saying Higher imports could reflect stronger U.S. growth—a good thing,
The extent of the impact will depend on a number of factors, including the final tariff rate and the response of other countries,
Trade Secretary Cristina Roque said Higher tariffs to be imposed on imports from China, Canada, Mexico may create a trade diversion effect that can potentially benefit third countries like the Philippines,
EMB Director Bianca Sykimte told The Manila Times Without the moderating effect of a fully-functioning WTO dispute settlement mechanism, the new tariff threats could lead to a wave of unilateral retaliatory measures from countries worldwide that could result in a full-scale global trade war,
[The ... The] Philippines will have the same level playing field compared to other exporting countries to the US,
