Tariffs Are Doing Everything Trump Feared And Nothing He Promised

Donald Trump has made many lofty promises about what his trade war tariffs would do for Americans, and so far not one of them has come true. He promised that Americans wouldn’t see higher prices; He promised that we’d be richer than ever to the point where tariffs could eliminate most of our income taxes; He promised that other countries would pay the price; And now he’s promising that the slight reduction in gas prices will make up the difference for the increasing cost of goods. None of this is going to happen, as Ring of Fire’s Farron Cousins explains.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Donald Trump has obviously told a lot of different lies in order to convince the public to get on his side with his ridiculous trade war. First and foremost, we have the original lie that, hey, you guys don't pay the tariffs. The tariffs are paid by the other countries upon which the tariffs are placed. Well, that was never true. That is absolutely not how it works. Of course, the tariffs are paid by us importers who then pass the price increases onto the American consumer, which we are seeing across the board right now. Retailers, including Walmart, the world's largest retailer, have admitted, yeah, we're raising our prices on you guys, and, uh, it's because of the tariffs. So, you know, kind of is what it is, right? But then of course he told us like, don't worry, the companies aren't actually gonna pass the costs on to you.

I'm demanding like he did this past weekend, that they eat the tariffs, you have to eat it. Which for the record, is also an admission that he lied to us about the first thing, right? Because now he's not even trying to pretend that other countries pay the tariffs. He's admitting that we pay the tariffs and in a short amount of time from this past weekend, demanding companies like Walmart eat the tariffs. Donald Trump has now come out with a new lie this week about why we should be okay with price increases on our everyday goods. And the new lie is that because he himself personally, somehow has brought down the price of gasoline, the cost savings that you're going to experience on gas is actually gonna offset the cost of the tariffs.

No, no, no. It's actually not. In fact, they didn't analysis this week to see if that were accurate. And here is what was determined. Assuming you know, that the average person drives a, a certain amount of miles, uses a certain amount of gas per year, and if gas prices stay at their current level and do not increase for the rest of the year, the average American would be saving 40 cents per gallon of gas, which based on average gas consumption here in the United States, is in fact going to save the average individual 200 bucks a year. That's it. A 40 cent per gallon drop in the price of gas saves you 200 bucks a year, which for anybody really doesn't mean a whole hell of a lot in today's economy. And think about it, folks, if we have a 40% reduction in the cost of gas compared from this year to last year, of course that saves you. If you have a 20 gallon gas tank, saves you eight bucks a trip. I personally, my car is a 21 gallon gas tank. Um, I buy gas probably every three weeks,

So I'm saving maybe eight bucks every three weeks compared to what I was spending last year at this time. But we're also not even at the height of tourism season yet. You know, schools across the country, colleges have, but actual, you know, public schools have not released yet. So once we hit that point and families start going on vacation, traveling across the country, if they can afford it these days, gas prices are gonna skyrocket as they do every summer. That's what happens. Trump didn't lower gas prices, by the way. He offered up all this new land to these, uh, you know, the frackers, the oil drillers everybody. And they said, listen, we'll take the land, but we're not gonna increase production. We already have an overflow of production as it is. We have too much fuel on the market. So Trump didn't even actually do anything that lowered gas prices.