..Exactly.
About 98% of American footwear is imported. There is no way these shoes can be supplied domestically anytime soon, so prices will rise by the full amount of the tariffs. The result will be fewer shoes sold at higher prices. On the bright side, the shoe repair business will boom. https://x.com/PeterSchiff/status/1907420532892471494
...and while Trump 2.0 team can fantasise about huge incoming tariff revenues, what they may not have imputed is that the import volume could well shrink after the tariff imposition as US consumers consume less as prices rise. So a higher tariff rate on a lower import volume could be a zero sum game and could be counter-productive when you count the losses American businesses made abroad via higher retaliatory tariffs, new obstacles to business and potential boycotts/backlash,
...like a higher import duty on luxury cars result in lower number sold resulting in potentially lower luxury duty tax proceeds. Ditto with higher tobacco taxes.
