Mark Cuban Drops Econ Lesson In Debate With MAGA Influencers Over Trump Promising The ‘TAXATION OF FOREIGN NATIONS’

AP Photo/Rick Bowmer

Billionaire entrepreneur and Shark Tank personality, Mark Cuban, supplied an economics lesson to a few MAGA influencers on Thursday evening after he wondered what precisely Donald Trump way when he stated he can deliver back the car business with the aid of the “TAXATION OF FOREIGN NATIONS.”

Cuban reacted to Trump’s remarks past within the day and wrote, “Trump mentioned this at his speech lately in Michigan.” He brought:

“We’re going to deliver back the auto industry,” Trump said in our interview. “We’re no longer going to let it disappear. We’re going to convey again jobs, we’re going to bring back factories and make Michigan very successful again. And we will do that very easily in the course of the TAXATION OF FOREIGN NATIONS”

Can someone give an explanation for to me how we would tax a international nation?

A professional-Trump person answered to Cuban, “It’s referred to as a tariff, Mark. Come on, how are you a businessman but don’t know what a tariff is?”

Cuban, who has robotically engaged in excellent faith debates on X, responded, “A tariff is a tax imposed on overseas-made goods, paid by the IMPORTING BUSINESS (Walmart could be an example) to its dwelling country’s govt. (USA)”

“For instance , Walmart imports billions and billions of goods. If there’s a 10 pct tariff, Walmart will pay the US executive 10pcf on those billions, and wager who they go that price on to?” Cuban brought.

A tariff is a tax imposed on foreign-made goods, paid with the aid of the IMPORTING BUSINESS (Walmart could be an example) to its dwelling us of a’s govt. (USA)

For example , Walmart imports billions and billions of products. If there is a 10 pct tariff, Walmart pays the U. S. government…

— Mark Cuban (@mcuban) August 30, 2024

Outkick’s Tomi Lahren spoke back to Cuban as well, “Do you no longer understand what a tariff is?”

“I do Tomi. The query is whether or not or not he does. Seriously. Why didn’t he just say the word tariff? Why does everybody at all times have to translate what he says, slightly than him simply being clear and making his point directly?” Cuban responded.

Ex-Trump marketing consultant Stephen Miller also replied, “They’re called tariffs, Mark, and they built America.”

“So why didn’t he just use the word Tariff Stephen? If they’re one of these great tool, and so they constructed America, why not simply proudly state what he is going to do?” hit back Cuban.

Cuban later further argued, “You do realize megan, that if the goal is to deliver extra business and jobs and manufacturing to america , he might simply say “Purchase American”!”

Corporations purchase out of the country because it’s more cost-effective.
Sadly, Americans historically, will not purchase American items if they’re more expensive.

While it sounds really nice so as to add a tariff to the cost of an import so that we are able to make them here, how long do you suppose that takes,…

— Mark Cuban (@mcuban) August 30, 2024

When pressed, Cuban additional dug into his considerations with tariffs, lengthy the guts of Trump’s economic policies:

Firms buy in another country as a result of it’s less expensive.

Unfortunately, Americans historically, is not going to buy American goods if they are costlier.

Whereas it sounds in reality nice to add a tariff to the price of an import in order that we can make them right here, how long do you assume that takes, and what is going to happen to prices in the interim.

And in addition realize that the supplies required to fabricate those products from time to time are simplest to be had overseas.

I’ve two firms that have constructed robotics based factories right here. One moved almost all of its assembly from China right here.

It has been great for business, however it took YEARS and was once expensive.

Tariffs are the worst imaginable incentive for all but just a few merchandise. and so they almost at all times cosr consumers more money.

As a substitute of tariffs, we need incentives to maneuver manufacturing right here to robotics.

Read Cuban’s full thread here.

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