Republican vice presidential nominee Sen. J.D. Vance of Ohio said on CNBC's “Squawk Box” on Thursday that then-President Donald Trump did not cause inflation when he imposed tariffs.
Vance said, “One of the classic examples that economists use to attack Donald Trump's economic policies is the tariffs that he put on washing machines and other dishwashers — no, dishwashers. They show a graph that shows that a few months after the tariffs, the price of dishwashers went up a little bit. But if you look over a two-year period, the price of dishwashers actually went down. It encouraged a lot of American factories to invest in American workers and American-made products. And the price of dishwashers has actually lagged behind a lot of other appliances. So when you encourage investment and capital formation in America, it can sometimes lower the price of American workers.”
He added, “Just to reiterate the experience of President Donald Trump, he was president for four years. He imposed tariffs at times to increase investment in American workers. And what happened? We had 1.5% inflation, take-home pay went up, we had the best economy in 40 years for workers.”
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