Trump’s sweeping tariff plans a ‘win-lose’ for Americans, economist says [Video]

A long-time economist and state leaders on Tuesday weighed in on President-elect Donald Trump’s plans to impose tariffs on three major trade partners of the U.S.

Trump posted his intentions on social media this week to impose a 10% tariff on Chinese goods and a 25% tariff on all products imported from Mexico and Canada once he takes office as a part of his effort to crack down on illegal immigration and drugs. The tariffs would remain in place until the countries take action to stop both, he said.

Tariffs are a tax on imports, so anything made in Mexico, China and Canada to be sold in the U.S. would be hit by that tax increase under this sweeping proposal.

Then, the cost of that tax is typically passed off to consumers, University of St. Thomas Finance Professor Dave Vang …