Trump proposes taxing companies that manufacture goods outside U.S.

Ugh.

President Donald Trump is considering slapping taxes on American businesses that produce goods outside the United States.

In an interview with the Fox Business Network, the president said the proposal would help his administration push supply chains away from China and erect new trade barriers. But he doesn’t think the taxation is a penalty. It would act more as an “incentive,” he said.

“You know, if we wanted to put up our own border, like other countries do to us, Apple would build 100 percent of their product in the United States. That’s the way it would work,” Trump said.

Asked whether Trump would consider giving companies tax breaks to return manufacturing operations to the United States, he said he may tax them if they don’t and suggested they had a duty to re-shore operations.

But what if companies manufacture goods in the U.S.? Will they get a tax break.

“One incentive, frankly, is to charge tax for them when they make product outside. We don’t have to do much for them. They have to do for us,” Trump responded.

If there is one thing the U.S. economy doesn’t need right now, it is more tariffs and trade restrictions. His trade war cost American businesses $50 billion.