Trumpflation

A good summary of all of the goods that will cost more so that Donald the Dove can engage in his imperialist fantasies:
President Trump’s tariffs target countries that are major suppliers of a wide range of goods to the United States. For American families, the likely result is higher prices nearly everywhere they turn — in grocery aisles, car dealerships, electronics stores and at the pump.
Mr. Trump on Saturday signed executive orders imposing tariffs on the country’s three largest trading partners, which are set to take effect at 12:01 a.m. Eastern time on Tuesday. All goods imported from Canada and Mexico will be subject to a 25 percent tariff, except Canadian energy products, which will face a 10 percent tariff, according to the executive orders. The orders also imposed a 10 percent tariff on Chinese goods.
While Mr. Trump on Sunday acknowledged that his new tariffs could cause “some pain,” he has insisted that they will not substantially increase prices for Americans and that foreign countries will bear the brunt. But trading data and economic studies suggest that consumers in the United States will probably see higher prices on wide range of products, from vegetables and meat to cellphones and cars. While some companies may opt against passing on the cost of the tariff, many are likely to raise prices on their products.
“Because of the combination of these three countries, it’s going to be difficult to go down an aisle of a grocery store and not see some sort of inflationary effect,” said Jason Miller, a professor of supply chain management at Michigan State University.
The initial Canadian response, as previously noted, will be broad and is set up to become braoder.
It’s worth noting as well that tariffs are for this reason an extremely regressive form of taxation:
This is what happens when you ask me to help sanewash the Trump tariffs.
[image or embed]— Justin Wolfers (@justinwolfers.bsky.social) February 2, 2025 at 12:43 PM
The New Republican Populism will be painful, my friends, unless you’re wealthy enough to be granted unlimited access to people’s private financial records.