realclearpolitics.com
Kentucky Republican Sen. Rand Paul says President Trump's concern with trade deficits is an "economic fallacy" that doesn't correspond to real-world wealth, during an interview on ABC's "This Week."
JON KARL, ABC NEWS: Okay, Senator, let me turn to tariffs. The president also announced a temporary reduction to those big China tariffs, although there's still 30 percent tariffs on goods coming in from China as he negotiates -- tries to negotiate a new deal. Walmart has warned that this will result in higher prices. What's your assessment?
SEN. RAND PAUL: Well, tariffs are taxes, and when you put a tax on a business, it's always passed through as a cost. So, there will be higher prices.
And I think this is what's important to know. People talk about, oh, this is America versus China. The U.S. doesn't trade with China. You trade with Walmart, or you trade with Target, or you trade with Amazon. Americans go in and buy a product.
Now, it might come from China, but think about it this way -- think of the
30 days ago