of our expert classes and to do so succinctly. The prevailing view among American economists, politicians, and pundits has long been that trade wars are bad and impossible to win.but also introduced new tariffs and trade barriers. From the buy America requirements in the green infrastructure bill absurdly called the Inflation Reduction Act to the recent 100 percent duty on Chinese electric vehicles, Biden has followed in the path blazed by Trump rather than repudiate it as expected.
In fact, in a situation where domestic production is held down not by low priced foreign imports but by the threat of foreign dumping,. Free from the threat of foreign dumping, U.S. firms can attract investment to increase their production and supply materials at the same or even lower prices than prevailed under the pre-tariff regime of predatory mercantilism practiced by rival producing nations.
they were intended to stop the deterioration of the domestic market for U.S. steel and aluminum and therefore make our domestic productive capacity viable We’ve focused on the metals tariffs here for the sake of simplicity, but the story is similar throughout the tariffs on the nearly $400 billion of imports Trump imposed while president. The exact effects vary, of course. Sometimes more of the tariffs were borne by importers, sometimes more by foreign producers. In a very few instances, consumer prices of tariff items rose, but these were offset by lower consumer prices or higher incomes enabling consumers to better afford higher prices.
The U.S. had been the prisoner that would almost never snitch—inviting China, the European Union, Japan, and every other trading partner to engage in predatory mercantilism. By introducing tariffs,. It’s now no longer safe to be the trade barrier erecting snitch. Trump’s tariffs forced other countries to offer the U.S. better terms of trade.
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