December 20, 2024
That is the implication of his latest threatened taxes on imports. Trump issued his threat on Truth Social, where he said that he would raise our taxes on the goods we import from Europe, unless European countries agree to buy more oil and gas from the United States.
If Europe were to purchase more oil and gas from the United States it would raise prices of these products here, which is presumably Trump’s intention. He apparently wants to make people in the United States pay more for our gas in our car and the fuel we use to heat our homes and provide electricity.
If Europe does not comply with Trump’s demand, he is saying that he will increase taxes on the goods we import from them. This will raise their prices, as well as the price of domestic goods with which they compete.
In effect, Trump is pushing a policy that will raise prices for US consumers regardless of what Europe decides. It is not clear why he thinks this is good policy, but it seems he feels strongly about it.
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