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American companies will have to pay the tariff [on goods imported from other countries.]
… Theres no questions that tariffs are passed on from American companies to American consumers, Coleman said.
Its a long-held economic strategy.
Sometimes it works, sometimes it doesnt.
You will pay more, Ramsey agreed.
No question about it.
… Companies do not eat taxes.
… Corporate taxes arebuilt into the price of the item.
Will Tariffs Crash the Economy?
Beyond increasing the cost of goods, Ramsey didnt voice general concerns about tariffs causing a widespread economic crash.
Rather, he emphasized that tariffs can play a role in reducing U.S. trade deficits with countries like Vietnam.
Ramsey explained that countries like Mexico have had tariffs on U.S. imports for years.
He cited the example of a friend building a house in Cabo, Mexico.
Did it crash either economy?
Did it slow down the number of people that do business in Mexico?
Will Tariffs Hurt Your Wallet?
Taxes and inflation will also play into the affordability of consumer goods and the greater economy.
You keep more of your paycheck.
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