00:00Well, it's been a year since President Trump introduced sweeping tariffs.
00:03The idea was that if we raise tariffs on other countries, we reduce our trade deficit,
00:08compete better with China's trade, and companies would be encouraged to bring
00:11their manufacturing jobs back to the U.S., creating more jobs nationwide.
00:15That was the hope. What was the result? Let's explain it like we made it.
00:20So revenue from customs did go up by $287 billion.
00:24But about 96% of that increase was on the shoulders of Americans.
00:29Not other countries like the administration said it would be.
00:32So that means prices?
00:34Increased, yeah, by about $1,700 in tariffs per U.S. household.
00:39But U.S. imports from China did fall by 27%.
00:43Imports from China were already falling by 19% from 2022 to 2024, and now China increased
00:51trading and exporting with other countries, replacing business it once did with the U.S.
00:55Instead, importers just picked different countries to buy goods from instead of manufacturing these
01:00products stateside.
01:01Which brings us to the hope that tariffs would increase nationwide production, leading to job
01:05growth.
01:06The Center for American Progress found that Liberation Day tariffs resulted in a loss of about
01:1289,000 manufacturing and 123,700 transportation and warehousing jobs.
01:19About 63% of Americans don't trust Trump's choices when handling tariffs, according to
01:24a new Pew Research poll.
01:25And 74% of Republicans say Trump can make good decisions on trade, compared to 12% of Democrats.
01:31So with all that being said, what do you think about Trump's tariffs?
01:34Leave us a comment.
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