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.
Though consumers haven’t seen prices spike immediately, the Goldman Sachs alum said rising costs are only a matter of time.
Adm. Frank “Mitch” Bradley spoke with lawmakers on Thursday about the recent attacks on an alleged drug boat in the Caribbean.
"Wait, what??????" Katie Couric wrote in response to Kirk's opinion.
The GOP senator claims it was “entirely lawful” that the U.S. military launched a follow-up strike to kill survivors of its first strike in the Sept. 2 attack.
The report comes as the defense secretary is engulfed in a controversy over a “double tap” strike on an alleged drug smuggling boat.
The president's holiday-like fantasy is getting roasted by critics.
The case had frustrated authorities for years as they had failed to identify the person responsible for placing the bombs.
Sydney Sweeney entered the Fox News conversation that came to an eye-rolling conclusion.
The lawsuit accuses the Defense Department of violating reporters' First Amendment rights.
“It’s become quite a messy and toxic situation,” a Eurovision expert said.
The Duke of Sussex jabbed the president during a Hallmark-inspired comedy bit with host Stephen Colbert.
The illustrated image is... something.
“These are serious charges, and that’s the reason we’re going to have special oversight,” said Sen. Roger Wicker, the Republican chair of the Senate Armed Services Committee.
The network's senior medical analyst put an inventive twist on the president's drowsy appearance during his Cabinet meeting.