PolitiFact | Experts said the targeted nature of Biden’s tariffs should limit their impact on consumers.
This is horrible news for American consumers and a major setback for clean energy. Tariffs are a direct, regressive tax on Americans and this tax increase will hit every family.Experts say the tariffs could amount to a tax increase on many Americans. But they add that the notion that “every” American family will be hit is likely exaggerated.
Another problem with tariffs, Gleckman said, is that they encourage producers to move production to a nontariffed country. “So Biden may be protecting U.S. automakers from China, but what about, say, Brazil or Mexico?” he said.And because studies have shown that lower-income Americans tend to spend a larger fraction of their income on goods, they could feel the pinch from tariffs more acutely than more affluent Americans would, as Polis said.