Political commentator Britt Hume appeared on Fox News on Wednesday to discuss his expectations of mutual tariffs between the US, Canada and the EU.
When featured in the “Special Report with Brett Bayer,” Hume said he praised President Donald Trump’s long-standing commitment to tax cuts and tariffs. But the direct result of these tariffs is rising consumer prices, Hume said.
“What’s noteworthy is this is the president working on cutting taxes, and the Republicans have been committed to cutting taxes for a long time, John, as you and I remember,” Hume said. “But here we are in the early stages of this administration and they definitely want to keep the income tax as low as possible. But the first tax they actually see is actually more effective because it’s actually tariffs.”
“They are taxes on goods imported into this country or exported from them,” Hume said. “And the tariff trend, especially in the short term, is to curb economic activity, and to raise prices, which is how to curb economic activity.”
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Despite these challenges, Hume remains optimistic about long-term benefits, suggesting that sustained tariffs could ultimately promote the growth of domestic industry and encourage the establishment of new manufacturing facilities in the United States.
“That’s something I think the administration has to worry about, but I believe that in the long run, tariffs are beneficial, our industry will flourish and people will build factories here. “It may take a while for tariffs to tackle the products, but the possibility of higher prices seems like a legitimate concern from tariffs.”
To address the wider economic landscape, Hume commented on the recent decline in inflation rates, describing it as a positive indication amidst sustained economic pressures. (Related: “Very Encouraging”: CNN Reporter says inflation moves “the right direction” under Trump)
“It’s not a big drop, but I think it’s important to people, and the main thing is that despite the fact that the Biden administration, when it started, has now disappeared, it wasn’t increasing at a moment when inflation was still very persisting,” Hume said. “So obviously, the good news on this aspect is welcomed by everyone. We’ll see how it unfolds in the coming weeks.”
Inflation rose sharply to 9% by June 2022, from 1.4% when he took office in January 2021. Meanwhile, the Bureau of Labor Statistics has concluded its consumer price index for February. I climbed This is a slight decrease from 2.8% from the previous year and 3.0% from January.
Trump said a new set of tariffs on Canada’s steel and aluminum will be implemented starting Wednesday. He said true socially that he instructed the Department of Commerce secretaries to double the existing 25% tariffs and urged Canada to eliminate high tariffs on US dairy products ranging from 250% to 390%.
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