Source: Cato Institute
by Ryan Bourne
“Whatever your politics, one consequence is obvious: tariffs mean higher prices. They directly inflate the price of affected imports and their domestic substitutes. Indirectly, they drive up prices by raising imported input costs and coaxing domestic resources into sectors where America is relatively less efficient in production. … attacking unpopular Republican tariffs should be political gold for Democrats—especially given how they suffered from voters’ anger about Biden-era inflation. Or so you’d think. Instead, progressive Democrats like Senator Elizabeth Warren have chosen to shift blame for Trump’s tariff-driven price hikes onto large businesses.” (07/23/25)