During an interview on Fox News Sunday, Wallace noted that “the fact is” that Trump’s tariffs would raise prices for American consumers.
“If you took, not just cars, but all the products that use imported steel or important aluminum, we’re talking about a tax on American consumers in the billions of dollars,” Wallace said.“When you’re talking about this massive cost is a fact, well, it’s not,” Navarro replied. “There are no downstream price effects on our industries that are significant.
“Wait a minute,” Wallace interrupted. “If it’s $175 per car and there are 17 million cars sold, that is a $3 billion tax.”
“We disagree about how to do math here,” Navarro opined. “$175 on a car is a fraction of less than one percent.”
“If you add it up, we’re talking billions,” Wallace challenged. “You agree that it’s billion of dollars in cost?”