President Trump says Americans are paying 'a fortune' for tariffs
While continuing to assert that the American people are benefiting from the tariff policy, President Donald Trump admitted that they are having to pay "a sum of money" for those measures.
According to Reuters, President Donald Trump on November 6 admitted that American consumers are paying more for goods due to the tariffs he imposed, a notable change in wording, although he still asserted that this policy generally benefits the American people.
Since returning to the White House for his second term, President Donald Trump has used tariffs as a diplomatic and economic tool. He has always emphasized that foreign countries are the ones “putting money” into the US budget through those taxes. However, economists say that in reality, consumers – that is, the people who buy goods – pay these taxes.
In a hearing on November 5, US Supreme Court justices cast doubt on the legality of President Donald Trump’s tariff policies, a case that could have far-reaching implications for how he governs the country. Mr. Trump warned that if the court ruled to strip him of his tariff authority, it would have serious consequences, and said his administration would have to prepare a “Plan B” in case the outcome is not as expected.
Speaking to reporters in the Oval Office, a reporter recalled that Chief Justice John Roberts had asserted that tariffs are essentially taxes that Americans pay.
Asked if he agreed, President Trump replied: “No, I don’t. I think they may pay some of it. But overall, the American people are getting a tremendous benefit.”
For months, Mr. Trump has repeatedly insisted that other countries should pay the tariffs. He has imposed tariffs on imports from China, Canada, the European Union, and many other countries.
If stripped of the power to impose tariffs, President Donald Trump would lose a tool he says has helped resolve conflicts between countries and brought economic fairness to the United States, which is also facing retaliatory tariffs from trading partners.
“If that happens, I think it will be very damaging to our country. But I also think we’re going to have to come up with a plan two. We’ll see what happens,” Trump said of the possibility of a Supreme Court ruling. “I hope we win. I can’t imagine anyone wanting to do that kind of damage to this country.”
