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Richard Baldwin: Tariffs on imports effectively act as a U.S. sales tax

Richard Baldwin: Tariffs on imports effectively act as a U.S. sales tax
Tariffs act as U.S. import sales tax

Richard Baldwin argues that the optimal tariff theory assumes foreigners will pay part of any tariff imposed.

However, Baldwin points out that research shows tariffs are passed on to Americans, effectively making them a sales tax on imports. He suggests this undermines the idea that tariffs generate revenue for the U.S. treasury by shifting the financial burden to foreign entities.

Baldwin has previously observed that over $35 trillion in outstanding U.S. government debt drives high liquidity in the bond market. In an earlier note, he said that global trade became more open, alongside a record U.S. trade deficit and historic China exports. His recent comments on tariffs add to his ongoing analysis of U.S. economic policy and global trade trends.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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