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Tariff = TRUMP National sales taxes PAID on purchases by the buyer . If you return the product the tariff tax will not be included in the refund .
I agree with your first point. Did not know about the 2nd item
T.A.C.O.
well, no, that’s not true. If I buy a product and its prices is $5, including any pass through of the tariff by the retailer, and I pay Indiana sales tax of 7%, the purchase price, with tax, is $5.35. If I return the product, I get my $5.35 back.
The tariff is not a tax separately recorded in a sale, either retail or in the chain of production. It’s in the price of the product. A manufacturer or wholesaler or retailer included some or all of the cost of the tariff in the cost of producing and selling the item. That made what used to be a $3.75 ish product now cost $5. The manufacturer or retailer could choose to not pass on some or all of the tariff, and so a 35% tariff becomes, at the retail level, a 25% tariff.
That said, they are a “tax”, they are likely to be inflationary once inventories purchased and brough to the US prior to the invocation of the tariff are exhausted and new inventory is subject to the tariff, and they serve little purpose in terms of initiating a battle with a very trusted neighbor and ally like Canada. The financial reprecussions,, which Trump doesn’t take into account, are significant. Ask realtors and vacation spots in the South East and Southwest where Canadians have owned property, or to which they have traveled for vacations.
The US will feel pressure from its actions towards Canada, and others.
It’s just crazy that one dim-witted, tempermental person has this much authority. This is a huge mistake. If crude oil for example can be produced and refined less expensive than in the US, such as in the Northeast (or piped to Whiting, Indiana), then USA consumers benefit from Canadian oil production. The admin doesn’t seem to understand that’s a good thing.