U.S. President Donald Trump took to social media to announce plans for an additional 100 percent tariff on Chinese goods starting November 1. "Tariffs are taxes on imports and they are paid by Americans," Douglas Holtz-Eakin, president of the American Action Forum (AAF), states in this video. A tariff is a highly distortionary, regressive tax, he explains, that hits "small businesses and low-income individuals." "It isn't the way to raise a lot of revenue," he warns.