In February, President Donald Trump announced a “Fair and Reciprocal Plan” enacting tariffs on U.S. trading partners.
“Gone are the days of America being taken advantage of,” an official White House fact sheet stated. “This plan will put the American worker first, improve our competitiveness in every area of industry, reduce our trade deficit, and bolster our economic and national security.”
Trending Now: Mark Cuban: Trump’s Tariffs Will Affect This Class of People the Most
Try This: How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too
GOBankingRates’ president, Jeff Bartlett, agrees that Trump’s proposed tariffs will end up benefiting all Americans.
“Contrary to what we may hear from legacy media, protecting a country like the U.S.’s economy from unfair trade practices most often helps Americans by lowering costs in the end,” he said.
Here’s why Bartlett believes that Trump’s tariffs will have a positive impact on your wallet.
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
More Competition
If the U.S. is less reliant on foreign countries for certain products, this could open new doors for domestic businesses to fill in the gap. With more U.S.-based businesses encouraged to create goods, this will drive competition.
“[Tariffs] create more fair competition,” Bartlett said.
Due to the laws of supply and demand, the more competition there is, the more competitive the prices will be as well, leading to cost-savings for consumers.
Read Next: Trump’s Tariffs: Here’s What Economists Think Will Happen After the 90-Day Pause
More Opportunities for US Businesses
Tariffs can drive up prices on foreign goods and services, which could create more opportunities for domestic businesses to replace these products and services at a more affordable cost.
“[Tariffs] bring more opportunity for American businesses,” Bartlett said. He believes that tariffs “will help American farmers again, will help American car manufacturers thrive and will help U.S. cattle ranchers succeed.”
Bartlett notes that tariffs “will open up new markets to American companies not allowed to do business in places like Canada, China, Japan, Taiwan, etc.”
Policies That Benefit US Businesses Will Benefit All Americans
It’s not just business owners who would benefit from Trump’s proposed tariffs.
“[As tariffs] bring more opportunity for American businesses, [these businesses] then in turn often hire more Americans and have the ability to pay higher wages,” Bartlett said. “Tariffs will open up more U.S. jobs and will bring in billions in revenue.”
More From GOBankingRates
-
Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart?
-
5 Things You Must Do When Your Savings Reach $50,000
-
5 Little-Known Ways to Make Summer Travel More Affordable
-
7 Wealth-Building Shortcuts Proven To Add $1K to Your Wallet This Month
Source
-
The White House, “Fact Sheet: President Donald J. Trump Announces “Fair and Reciprocal Plan” on Trade”
This article originally appeared on GOBankingRates.com: GOBankingRates President: 3 Ways Trump’s Tariffs Can Lower Costs To Save You Money
