Levies will transfer money from poor to rich: Experts

Economists warn that US President Donald Trump's tariffs will swipe a large portion of wealth from lower-income US families and redistribute it to higher-income individuals as the levies on goods will overwhelmingly affect the poor rather than the wealthy.

Robert Reich, a noted economist, a professor at the University of Berkeley and former US secretary of labor, explained that while Trump says his tariffs are going to bring in money for the economy which will enable a gigantic tax cut, he ignores the fact that the people who will pay for the levies are overwhelmingly low-income US citizens.

"Tariffs are like regressive taxes, they hit the poor and working-class pocketbooks much, much, much more significantly than they hit the pocketbooks of the wealthy and the paychecks of the wealthy versus the paychecks of average working people," Reich said on The Coffee Klatch, a podcast.