The Left will always hate Trump, and the media will never give Trump a chance. Consider their recent reaction to the very heroic promise the president made to cut taxes a second time, to cut taxes for middle-income families by no less than 10 percent before the end of the year.
Without even waiting for details, the Washington Post dismissed the proposal as “fantastical promises,” and the New York Times declared there was “no chance of such a plan passing.” They report that Trump can’t cut taxes because the House and the Senate are out of session at the moment. Both are textbook examples of the Trump derangement syndrome plaguing Washington, D.C.
But Trump absolutely can slash taxes, and he can do it at any time. He just has to do one little thing — end his trade war.
Tariffs are taxes on the American consumer. And Section 301 of the Trade Act of 1974 gives the president authority to unilaterally impose and revoke tariffs. Therefore, Trump can give millions of Americans a tax break immediately. Congressional approval is not even required.
The savings would be, as they say, bigly. Ending the trade war would reverse the 25 percent of tariffs the United States imposed on $34 billion worth of Chinese goods in July, the $16 billion that was added later in August, and a final $200 billion that were imposed in September. Assuming China reverses their own retaliatory tariffs, the windfall would be even bigger.
The growth wouldn’t be theoretical. It would be guaranteed, because manufacturers and businesses are already reporting negative effects on profits from the tariffs. Everything from soda cans to aviation-grade aluminum has gotten more expensive because of the trade war.
Some companies have dealt with the tariffs by passing increased costs on to their customers. Walmart has warned that the trade provision imposed a tax overnight and at the expense of the poor, and Caterpillar reported increased operating costs as raw materials became more expensive.
A booming economy has masked some of these wounds, of course. But imagine how much more dynamic current growth would be if the trade war weren’t holding the nation back. Trump can fix it all if Trump ends the tariffs. No one can stop him but himself.
