How Trump's tariffs plan might work

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• 00:01

  NPR.

• 00:11

  This is the indicator from Planet Money.

• 00:13

  I'm Darian Woods.

• 00:15

  Two big campaign promises from President elect Trump were tax cuts and tariffs and specifically the idea that the money generated from the tariffs will pay for the tax cuts.

• 00:26

  Joining me to discuss all this is Kyla Scanlan, economic commentator and author of in this Economy.

• 00:33

  Kyla, welcome to the show.

• 00:34

  Thank you, Darian.

• 00:35

  So today you're joining us to talk about tariffs and tax cuts and cookies.

• 00:40

  That would explain these cookies, which I was told to bring into the studio.

• 00:44

  So I thought you were just being really generous.

• 00:46

  No, those cookies are meant to explain trade policy because those cookies have ingredients from all over the world.

• 00:53

  They might have cocoa beans, spices like cinnamon or vanilla.

• 00:56

  And right now all those ingredients come come in tax free.

• 01:00

  But under these new proposals from President elect Trump, nearly everything coming into America would face big import fees.

• 01:07

  Now, Trump says that other countries will pay these fees and not Americans and that we can make enough money from tariffs to cover all the tax cuts he's promising.

• 01:16

  So how is the American consumer responding to all this?

• 01:20

  Well, we surveyed some folks at a park in downtown Denver.

• 01:23

  Yeah, I think that's a really bad idea.

• 01:25

  I think maybe people haven't read enough about tariffs and who, who actually pays for those tariffs in the long run.

• 01:31

  And I'm thinking if we want to make any major purchases, we should do that now before January 20th.

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