Incoming trade adviser Peter Navarro said the tariffs planned by President-elect Donald Trump next year will not spike inflation.
“We imposed significant tariffs on China, including steel, aluminum, dishwashers and solar power, and raised many countervailing duties to stop dumping. We had zero inflation from doing so.” and Mr. Navarro said Tuesday on CNBC.
“So I think you should just play all the interviews that were done on CNBC with people who went back to their first term with their hair on fire because they were worried about inflation,” Navarro continued. Ta. “That never happened. It's the same movie this time.”
In fact, as Breitbart News reports, tariffs on foreign imports under the Trump administration have nothing to do with inflation, which has reached record highs under President Joe Biden following the passage of the Inflation Control Act. Research continues to show that.
For example, the Economic Policy Institute (EPI) has conducted extensive analysis; noticed There is no link between US tariffs and inflation.
“It is clear that the timing of tariff imposition is uncorrelated with inflation, making it implausible that eliminating tariffs would reduce inflation,” the EPI researchers wrote. “Although most of the tariffs were in place before 2020, it was only in March 2021 that inflation started to accelerate. Clearly, inflation is caused by many factors other than tariffs. Ta.”
Similarly, just recently, John Carney, economics editor at Breitbart News, reported that a survey of companies conducted after President Trump's victory last month showed executives did not expect increased costs from additional tariffs. It was revealed that it was done.
In 2022, the United Steelworkers (USW) similarly sent letters to Republican and Democratic lawmakers pushing back against baseless claims that tariffs cause inflation.
“Some have called for the removal of Section 301 tariffs on China, arguing that they contribute to inflation,” USW wrote at the time. “However, many of these tariffs have been in place for years, meaning they have clearly not contributed to the current spike in inflation.”
John Binder is a reporter for Breitbart News. Email jbinder@breitbart.com. Follow him on Twitter here.
