Trump’s tariffs are tanking global markets. Trillions of dollars of national wealth have been lost since Trump announced his “Liberation Day” tariffs. However, the stock market losses do not account for the very real pain that large frum families will begin to feel once the tariffs kick in on April 9th. It will take some time to feel the pinch, but it will come unless these tariffs are stopped. A frum supermarket in Miami told a local news station to expect price increases of twenty-five percent. All food imported from Israel will be taxed at an additional seventeen percent. The Yale Budget Lab projects increased costs of $3,800 for an average American family. Large frum families can expect to see increases of $10,000 annually. Tariffs hit middle-income families the hardest. Middle-income frum families spend most, if not all, of their earnings on consumption. Increased costs of food and clothing will hit our community hard. Unlike income taxes, tariff taxes do not have income brackets, credits, or deductions. Pro-Trump business leaders such as Bill Ackman and Jamie Dimon have warned of an “economic nuclear winter” if the tariffs stay in place. Elon Musk has blasted Trump economic advisor Peter Navarro over his support for tariffs. Conservatives like former Vice President Mike Pence and talk show host Ben Shapiro have warned about how damaging tariffs will be to the American economy. Trump’s tariffs are not based on reciprocity, but on faulty and crude calculations of trade deficits. That is why poor or small countries that are incapable of buying American goods on the scale of American consumers are being taxed so high. Trade deficits do not account for services or tourism, where America is a leader. Much of the world spends more tourism dollars in Florida than Americans spend in their countries. Furthermore, a trade deficit is not indicative of being ripped off. Most consumers have a trade deficit with Walmart, but it would be foolish to stop buying things at Walmart and insist on making them ourselves. North Korea would be a prime example of a self-sufficient economy with minimal imports, and it is by no means an example of economic prosperity. Trump argues that tariffs will bring back American manufacturing. However, this claim is dubious, as American companies will lose their preferred export status to other countries and will be taxed on any parts that they import. Stellantis has already laid off workers in Michigan. Furthermore, our frum economy will not benefit from assembly-line jobs in Michigan and Kentucky. Even if some jobs come back, the price of products produced in America without competition from other countries will cause prices to skyrocket. The situation is dire, but there is some small hope. Representative Don Bacon (R-NE) and Representative Josh Gottheimer (D-NJ) have cosponsored bi-partisan legislation to remove the power of unilateral tariffs from the executive branch and return it to Congress, where it belongs. This bill mirrors the bi-partisan bill introduced in the Senate by Senator Chuck Grassley (R-IA). Please call your representative and ask them to support this important legislation. Rep. Chris Smith can be reached at (202) 225-3765,  Rep Mike Lawler can be reached at (202) 225-6506, and Nicole Malliotakis can be reached at (202) 225-3371. Signed, A Concerned Yid The views expressed in this letter are those […]