CNBC’s Andrew Ross Sorkin joined MSNBC’s The Beat to share Wall Street’s concerns about the “chaos” Donald Trump might bring in a second term. Trump has proposed tariffs on imports, claiming they will fund domestic initiatives like childcare. However, tariffs are paid by U. S. importers and passed on to consumers as higher costs.”Tariffs should be labeled taxes,” Sorkin told host Ari Melber.
“They make everything cost more.”
He noted that while strategic tariffs are possible to counter foreign industry subsidies, Trump’s plan is not strategic and acts as a “massive tax.”
Sorkin added that business contacts are worried about the unpredictability Trump could introduce, citing an example of a proposed 200% tariff on John Deere tractors, directly affecting American farmers who purchase them.
Earlier this week, prolific billionaire businessman Mark Cuban pointed out that if Trump imposes 200% tariffs on agricultural equipment companies and a 10-20% tariff on Chinese imports, it would make it cheaper for Chinese manufacturers to compete with John Deere.
“You are essentially destroying one of America’s most historic companies,” Cuban said, highlighting Trump’s lack of foresight. He added that international tariffs burden companies not only with new costs but also with hiring import brokers and handling extensive paperwork, which drives up both costs and inflation beyond the tariffs themselves.
“That just says so much about how far Donald has gone to his socialist and communistic tendencies,” Cuban said about Trump. “I know it sounds funny and kind of out of whack, but it’s true. These things that he takes off the top of his head, he just makes up in real time and then everyone around him tries to justify it.”
