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It is a well-documented fact that Donald Trump has convinced himself and many of his supporters that tariffs are a fantasy fix-it for the economy. Trump doesn’t understand that tariffs are not paid by foreign countries but by American consumers.
Trump has not been deterred by the reality that his first wave of tariffs is pushing the country closer to a recession, and he accelerated his campaign of American economic destruction by announcing that he will soon target prescription drugs and drive the price for Americans up even higher.
While speaking in the Oval Office, Trump said:
It’s also exciting because of what’s happening with other aspects. We’re gonna be doing tariffs on pharmaceuticals in order to bring our pharmaceutical industry back. We don’t make anything here for, in terms of drugs, medical drugs, different types of drugs that you need. Medicines in other countries, largely made in China.
A lot of it made in Ireland. Ireland was very smart. We love Ireland. But, we’re gonna have that, we’re gonna have lumber. We’re gonna free up some of our land, and you’ll be able to meet a lot of other standards like fire cuts. If Los Angeles had fire cuts, which they didn’t have, that’s a, a gap of half a football field between areas, you wouldn’t have had the fires, they would’ve been contained.
But you have fire cuts. And by the way, you sell that wood for a lot of money, a lot of, lot of profit.
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The big news was that Trump announced that he is putting a 25% tariff on all automobiles not made in the United States, which is virtually every automobile that is produced.