The Tariff Economy

Created
Wed, 10/04/2024 - 08:00
Updated
Wed, 10/04/2024 - 08:00
You’re not going to like it Trump only has one economic idea: tariffs. Oh, he’ll give tax cuts for himself and for other rich people in return for donations and favors, of course. But his only “economic” idea is that tariffs force other countries to stop laughing at us and bring in money for the government which is 100% nonsense. His tariffs cost the government when it is forced to compensate American producers for their losses when countries retaliate and the cost of the tariffs are born by consumers who pay higher prices for goods. Duh. Former President Donald J. Trump is planning an aggressive expansion of his first-term efforts to upend America’s trade policies if he returns to power in 2025 — including imposing a new tax on “most imported goods” that would risk alienating allies and igniting a global trade war. […] Essentially, Mr. Trump’s trade agenda aims at backing the United States away from integration with the global economy and steering the country toward becoming more self-contained: producing a larger share of what it consumes and wielding its might through one-on-one dealings with other countries. Mr. Trump, who calls himself a “tariff man,” took steps in that direction as president, including placing tariffs on various imports, hamstringing the World Trade Organization and starting a trade war with China. If he is elected, he plans a more audacious intervention in hopes of eliminating the trade deficit and bolstering manufacturing — with potentially seismic consequences for jobs, prices, diplomatic relations and the global…