Forbes | August 12, 2019
If you want to import a bunch of Toyota Camrys from Japan, you’re on the hook for the 2.5% U.S. tariff on them. If someone in the European Union wants to import a bunch of Jeep Cherokees from the United States, he or she pays the EU 10% tariff.
Pretty simple, right?
President Trump, who has made trade policy one of his top priorities, still doesn’t know this after two-and-a-half years in office. He thinks the Chinese are paying the 25% tariffs he imposed last year on $250 billion worth of their imports. He keeps ballyhooing the tariff income pouring into the Treasury and gleefully claims it’s all coming from China.
