President Donald Trump’s “Liberation Day” tariffs will be such a windfall for Beltway lobbyists that he might as well have called his announcement “Buy Another Yacht Day” for the Washington, D.C., swamp, the Wall Street Journal’s editorial board wrote in a scathing op-ed. On Wednesday, Trump announced a baseline import tax of 10 percent on products from every country in the world, then hit products from about 60 countries with additional duties ranging from 20 to 34 percent. U.S. companies pay the tax, with the costs typically passed along the consumer. To avoid those additional costs of doing businesses and keep their sales strong, companies will seek exemption from the tariffs, the Journal warned. “Mr. Trump is saying there will be no tariff exemptions. But watch that promise vanish as politicians, including Mr. Trump, see exemptions as a way to leverage campaign contributions from business. Liberation Day is Buy Another Yacht Day for the swamp,” the paper’s editorial board wrote.
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