It was one thing to think that tariffs on foreign imports was a foreign policy issue, not directly affecting average Americans. It was quite another to realize it was really a tax on goods purchased by U.S. businesses and consumers. While both parties are now chanting affordability as their magic mantra, voters tend to blame the party in power for the problem. The current president blames his predecessor for today’s inflationary prices, and disavows any personal responsibility. However, the people don’t seem to be buying the blame Joe Biden mantra over ten months after he left office.
To coin a maxim: If you made it, you own it, flaws and all. The current administration will have plenty to own-up to, especially if the Supreme Court affirms the lower courts’ findings that the Trump tariffs are not lawful. For starters, the administration would be required to reimburse all the importers who had to absorb huge new levies on goods from abroad. It would be a hit of billions on the Treasury and likely derail any plans the president has about abolishing the income tax. In the spirit of the season, perhaps we best be thinking more about government give-back and less about political pay-back.