'Guess you flunked Econ 101': Trump mocked for insane rant falsely claiming his new tariffs are paid 'by China'

'Guess you flunked Econ 101': Trump mocked for insane rant falsely claiming his new tariffs are paid 'by China'
Royalty-free stock photo ID: 546595342 HERSHEY, PA - DECEMBER 15, 2016: President-Elect Donald Trump points straight toward the crowd as he concludes his speech at a "Thank You Tour" rally held at the Giant Center.
Trump

They say love is blind and when it comes to President Donald Trump, it's true. Trump loves tariffs so much he once bragged, "I am a Tariff Man."


Sadly, Tariff Man does not know how tariffs work.

President Trump just imposed a 25% tariff on $200 - $250 billion in goods imported from China into the U.S.

And in a Friday morning tweetstorm he insisted those tariffs are being paid "by China."

That's false.

The tariffs are being paid by the companies – American companies – that import those products. Those companies then, more than likely, pass those costs on to the consumer – Americans – who cover the increased costs.

Trump is intentionally blind to this very basic fact of economics.

Trump is also intentionally blind to how manufacturing works.

Friday morning, apparently feeling uncertain his previous seven tweets promoting his false tariff plan had not succeeded, he added an eighth:

But a quick glance at the list of Chinese products subject to his new tariffs show many of them, like copper, aluminum, lead, zinc, metal gaskets and washers, are not sold directly to consumers, but to manufacturers making other products. They are parts.

He just doesn't get it, as many on social media were quick to point out – and mock him for his willful ignorance:

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