Catherine Rampell: Revenue from Tariffs Is ‘Probably Going To Be Pennies’; ‘Everybody Is Worse Off’

RUSH EXCERPT:

RAMPELL: "They are taxes on imported goods that will have some revenue. But how much revenue is probably going to be pennies relative to the economic cost? Because it‘s going to raise the price of goods that come into the United States. That‘s going to reduce demand, which means you won‘t necessarily get, uh, tariff revenue on all of the goods that we are receiving now. You‘ll see fewer of them, which is why the other you‘ll see fewer of these goods coming in, which is why other countries don‘t want them. So it‘s not like Americans come out ahead or behind. Um, and the other country feels the opposite. Everybody is worse off. So yes, there will be some tax revenue that‘s collected last time around. Viewers may recall that Trump just used that tax revenue, that tariff revenue to pay off farmers in the United States who were hit by retaliatory tariffs.”