"your family is likely paying close to $200 more this month than you would have at this time last year for the exact same goods. That's according to new inflation numbers. We're going to get you to that report in a moment. Those prices could go up again soon because President Trump today called off trade talks with Canada over what the president is calling a fake ad from Ontario's government, where President Reagan lambasts tariffs. Here's a bit of that ad. (BEGIN VIDEO CLIP)"
"At first when someone says, let's impose tariffs on foreign imports, it looks like they're doing the patriotic thing by protecting American products and jobs. And sometimes for a short while it works, but only for a short time. What eventually occurs is, first, homegrown industries start relying on government protection in the form of high tariffs. They stop competing and stop making the innovative management and technological changes they need to succeed in world markets."
President Trump called off trade negotiations with Canada after criticizing a Canadian government ad that used Ronald Reagan's remarks criticizing tariffs. The ad features excerpts from a 1987 radio address warning that tariffs foster reliance on government protection, reduce competition, and hinder innovation. The Ronald Reagan Foundation said the remarks were presented out of context, but the omitted portions do not appear to change the overall meaning. A direct comparison of the full 1987 address and the ad indicates the Reagan excerpts reflect the original intent and were not drastically altered, prompting trade suspension and political dispute.
Read at www.mediaite.com
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