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TechFlow news, May 19 — Economist Peter Schiff posted on social media stating that the purpose of tariff policies is to encourage consumers to shift toward buying domestic goods to avoid tariffs by raising prices on imported goods. However, this policy only works when businesses pass the tariff costs onto consumers and raise prices. He pointed out that Trump cannot threaten companies for fulfilling this very role.
Economist Peter Schiff posted on social media that the purpose of tariff policies is to encourage consumers to shift toward buying domestic goods to avoid tariffs by raising the prices of imported products. However, this policy only works when businesses pass the tariff costs onto consumers by increasing prices. He pointed out that Trump cannot threaten companies for fulfilling this role.
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