Trump stands by tariff plan despite criticism.

Former president Donald Trump passionately defended his track record⁢ with ⁢tariffs and his ​proposal of a “universal” tariff plan should he win the ⁢election in an opinion piece published in The Wall ⁤Street Journal a week after ⁤its editorial board‍ criticized his tariff proposal.

“Even after being proven spectacularly and⁢ totally wrong in⁤ all their past predictions regarding my historically successful trade policies, the die-hard globalists at the editorial board still have not‍ learned their‌ lesson,” he wrote⁤ in a piece published Aug. 30. “As I demonstrated repeatedly, the tariff is also an important ⁣tool of U.S. national security ‌and diplomacy. I ‍am proud to be⁣ the only candidate for president ⁢who believes ⁣in true economic nationalism.”

Universal Tariff

On⁤ Aug. 17, President Trump gave an interview with former aide Larry Kudlow on Fox Business, where the two touched on some of the GOP frontrunner’s ​ Agenda 47 ⁢policy proposals from his campaign. The 45th president criticized President Joe ‍Biden’s economic policies ​and lamented ‍the decline of the dollar, giving a ‌preview of what he would ⁤do to reverse these effects if elected into office.

“I think we should have a ring around the collar, as they⁣ say. I think when companies‍ come in and they dump their products in the United States, ⁤they should pay, automatically, let’s say, a 10 percent tax,” President Trump said in the interview.

“That​ money ⁤would be used to pay off debt. It’s a massive amount of money even at 10 percent,” the former president continued. “It’s ‍not gonna stop business because it’s not that much, but it’s enough that we would really make‌ a lot of​ money.”

He⁢ pointed out ⁣that other ‍countries have put high taxes on⁢ American goods, while the United ⁣States does not do the same, and suggested a universal tariff of “10 percent for everybody.”

“We have countries that charge us 100 and 150 and 200⁣ percent, and ⁢we charge ​them ⁤absolutely nothing,” he said.

“If they⁤ charge us, we charge them. Very‌ simple,” he added. “Now two things will happen—one of ‌two things: either they’ll wipe out the tax ‍and so will we, or we’ll take in a lot ‍of money, and that’s OK, too. ⁣But eventually, what they’ll do is they’ll stop​ doing it.”

Editorial

Media criticism followed, with ‍outlets like The Washington Post and WSJ claiming the tariff plan was one that would lead to a “trade‍ war.”

“This ‍is worth taking‌ literally and seriously because Mr. Trump meant what he ‍said about tariffs when ⁢he ⁤ran for President in 2016,” the WSJ editorial‌ board wrote. “He imposed taxes on imports⁤ ranging from steel and aluminum to solar panels⁢ and washing machines, affecting imports worth hundreds of billions of dollars⁣ when the border taxes were implemented.”

“Protectionists pitch tariffs as a tax⁤ on other countries, but American consumers⁣ pay the price,”​ the board continued, ‍citing a Tax Foundation report that estimated ⁣the cost to Americans to be some⁣ $80 billion and 166,000 full time jobs. They point out that ‌the trade deficit rose during the course ​of President ‌Trump’s time in office, and continued to ‌do so under President⁤ Biden, and hence a universal tariff would do ‌little to ⁢curb the trade deficit and improve the economy.

President Trump wrote a brief response that was published in the same publication about a week⁣ later, pushing back against ‌their claims.

“Price increases for consumers were virtually​ nonexistent and there was effectively⁤ no inflation when I was president. The trade deficit with China was down year-over-year for five straight quarters before Covid hit in 2020,” he ⁣wrote. He contrasted this with the growing trade deficit under President Biden, which has hit “record highs.”

The White House rejected the⁣ universal 10 percent tariff‌ plan in a statement a week after the interview.

“President Biden s