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Peter Schiff rebutted Trump: A 20%-40% tax on Vietnamese goods is a burden for Americans.
Peter Schiff rebutted President Donald Trump's recent statement that a new trade deal with Vietnam would lead to America imposing tariffs of 20%-40% on Vietnamese goods. Trump claimed that this was a "countermeasure" beneficial to America.
However, Schiff dismissed this argument and pointed out that:
According to Schiff, this proves that tariffs are essentially a burden placed on the shoulders of American consumers, not on Vietnamese exporters. Every time Americans buy a product from Vietnam after tariffs are imposed, they are paying extra money to the American government, increasing domestic consumption costs.
This statement aims to clarify the actual impact of tariffs, while also reflecting the common misunderstanding that import taxes are a punishment on exporting countries. Schiff emphasizes that such policies are not only ineffective but can also harm the US economy itself.