It’s amazing to see a former Obama administration official start worrying about taxes and inflation when the ex-president was pretty indifferent. But that’s what happens in the era of President Donald Trump.
Last year, President Trump slapped a 20 percent tariff on Canadian softwood lumber. It was a ridiculous move from the beginning, but Trump insists that 19th century policies are the way to go.
Because of the protectionist measure, the cost of lumber is spiking. This will inevitably lead to 9,000 job losses and the typical new home price to rise $6,000.
Who’s paying for those lumber tariffs Trump imposed? We are. Homebuilders anticipate over 9k in lost jobs and a price hike on homes of over $6k @Morning_Joe pic.twitter.com/6tWPIpg9bv
— Steven Rattner (@SteveRattner) June 13, 2018
Tariffs primarily hurt the nation that it’s originating from. It doesn’t necessarily impact the opposing nation.
This is why it is essential that countries like Canada ignore the retaliation measures.
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