Trump's Former Chief Economic Adviser Knows Tariffs Will Hit Poor People Hardest
HuffPost
While Gary Cohn explained who rising costs hurt the most, Trump claimed new tariff revenue could replace income taxes for Americans making under $200,000.
President Donald Trump’s former chief economic adviser is warning people about who will be the most affected by his sweeping tariffs.
Talking about the president’s dramatic trade agenda during a Sunday appearance on CBS News’ “Face the Nation,” businessman Gary Cohn broke down how higher costs on goods always hit poorer people the hardest.
“The other thing we need to understand about tariffs, and I think this is obvious, is tariffs are highly regressive,” he told host Margaret Brennan. “Meaning that poorer people end up paying a disproportionate percentage of the tariffs because they spend 100% of their paycheck on goods.”
“Wealthier people save a bigger percentage of their paycheck. So, the tariffs are going to affect the poor people more,” explained Cohn, who left the first Trump administration in 2018 after the president announced costly new tariffs on steel and aluminum imports.
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