If it Walks Like a Tax and Quacks Like a Tax, We Call It A Tax

"You can't really run a campaign where you're like: I want to cut taxes for rich people and raise them on the poor. So instead, it's all of this smoke-and-mirrors distraction about how foreigners are taking advantage of us...It's a story that if you don't know any economics and you haven't stopped to think about it, sounds appealing. And the more people who buy that story, the more he can do this fiscal switch and have an excuse for the tax cuts." - Kimberly Clausing

- Marc H. Morial, President and CEO National Urban League

President Trump says, "Tariff is the most beautiful tax and raises prices for the average American like a tax, we call it a tax.

Trump imposed a massive, job-killing tax increase on American consumers this week, one of a dizzying array that he has threatened, withdrawn, postponed, or introduced. The uncertainty has thrown the U.S. stock market into chaos and stymied economists' efforts to precisely calculate the potential damage.

The 25% tax on all steel and aluminum imports that went into effect this week on top of a 20% tax on Chinese imports Trump already imposed could cost the U.S. 100,000 jobs in the aluminum industry alone.

Trump's proposed tax increases combined could cost the U.S. a stunning 600,000 full-time jobs.