The article argues that President Trump should proceed with his campaign promise of imposing strict tariffs, particularly a universal one of up to 20 percent, despite hesitations and disagreements among advisors. Such tariffs could invigorate the economy while not significantly inflating prices or sparking retaliation from trade partners. The article emphasizes the need for exceptions for certain imports, such as tropical fruits and energy products, to lessen consumer impact. Additionally, a VAT-style tariff would bring various advantages, especially if it allows for refunds on exports.
Implementing a universal tariff of up to 20 percent can raise major revenue, control the federal budget deficit, and prevent China from evading tariffs.
Exempting products that the U.S. doesn't produce, like tropical fruit and coffee, will ease the impact on consumers while maintaining the tariff's benefits.
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