In the weeks following President Donald Trump’s surprise announcement in early April of a 34% tariff tax on all imports from China, there has been a flurry of confusion about what, exactly, all these tariffs mean for American consumers and companies.
Read Next: Mark Cuban Tells Americans To Stock Up on Consumables as Trump’s Tariffs Hit — Here’s What To Buy
Advertisement: High Yield Savings Offers
Powered by Money.com – Yahoo may earn commission from the links above.
For You: I’m a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money
Especially with an ever-increasing series of retaliatory reciprocal tariffs between America and China that has bloomed into an all-out trade war. Within that confusion, some misinformation and tariff myths have begun to thrive — below are two to avoid.
Also here are the tough money choices tariffs force on people.
TikTok users have noticed a tide of videos from Chinese influencers following the trade war, videos which assure American TikTokers that one can sidestep high tariff-related taxes by clicking links that take them directly to Chinese factories that produce American brands. As Fashion Network reported, one such video asked American users, “Why don’t you just contact us and buy from us? You won’t believe the prices we give you.” Many have titles like “How we bypass tariffs” or “China exposed the truth” and several million views.
Check Out: Trump Wants To Replace Income Taxes With Tariffs: 2 Impacts on the Middle Class
Many of these TikTok videos behave rather suspiciously, providing unverified links for users to make direct purchases, as well as direct messaging via such platforms as WeChat and WhatsApp. According to SmartCompany, moments of confusion such as this one provide opportunities for scammers to strike and that clicking mysterious links can lead to phishing and identity theft. So far, there is no actual guarantee that these accounts provide shoppers with tariff-free shopping.
As Fortune has reported, some Chinese suppliers — offering a workaround to American Amazon sellers — simply lie about the value of the Amazon goods being imported to America and that will lower the taxes being paid because of the tariff war. There’s one problem with this: it’s customs fraud. Customs fraud can lead to loss of import/export rights, fines and even imprisonment.
As is so often the case — and is especially so in such economically uncertain times — if something is too good to be true, it very often is.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
