With inflation at record highs and Americans struggling to afford necessities like food and clothing, Democrats should continue to weigh all options when it comes to lowering costs. For example, eliminating tariffs on low-priced home products should be a prominent solution to free up the supply chain and reduce inflation.
Many will recall former President Donald Trump’s trade war, in which the administration raised tariffs on imported goods from China in an effort to protect American jobs and businesses. Unfortunately, Trump’s protectionist policies did not protect jobs and instead forced businesses to pass the added tariff fees onto consumers in the form of higher-priced goods. To ease the growing financial burden on American families, President Biden must consider the elimination of tariffs and expanded trade with allies—something U.S. Treasury Secretary Janet Yellen recently called for to help businesses import and source products more freely, which in turn would lower the price of goods.
Read Full Article »
