Multi-millionaire Steve Forbes , Chairman and Chief Editor of Forbes , made an appearance on Fox News to talk about President Donald Trump His tariff policies and his instruction to Walmart to " cease blaming tariffs for increasing prices."
On his Truth Social platform, the U.S. President posted "China and Walmart should, as the saying goes, 'EAT THE TARIFFS,' and avoid passing along any costs to their valuable customers."
Forbes, who ran as a candidate in the 1996 and 2000 Republican primary elections, backed Trump during the 2016 election.
When Stuart Varney from Fox News asked Forbes, "As Trump said, 'He warned Walmart to bear the tariffs,' does this sound like price controls to you?" Forbes responded, "Yes, it does. The term used by the Treasury Secretary suggests that only some of these tariffs will be absorbed; essentially, they'll have to pass them along, just as any company would."
Price controls —"limitations imposed and policed by governments on the costs that can be levied for products and services within a marketplace"—have frequently faced criticism from economists.
Milton Friedman once said: “We economists don’t know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can’t sell tomatoes for more than two cents per pound. Instantly you’ll have a tomato shortage. It’s the same with oil or gas.”
Forbes stated, "A tariff is essentially a sales tax... It impacts decision-making and pricing. When Christmas rolls around and children can't find their desired dolls, this might not matter much to folks in Washington, but it certainly concerns those facing an empty Christmas tree."
Earlier this month, the CEO of Mattel was Ynon Kreiz told CNBC he does not foresee toy manufacturing coming to America. Instead, the toy company expects to raise prices in the U.S. to offset Trump's 145% tariff on Chinese imports — or whatever the figure is after the recently announced pause.
Kreiz mentioned that the firm has been broadening its international production capabilities aiming to lessen reliance on China. He stated that by year-end, fewer than 40 percent of Mattel’s products would originate from this nation.
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