So I went to the NYT blogger comments section to wade through the plethora of reaction to Trump's latest idiocy of the imposition of tariffs on aluminum and steel. My intuitive sense says that this blogger (opinion indented) had the most cogent explanation and evaluation of Trump's moronic tariff imposition:
Obviously Washington still has its fingers in its ears and looking down
at the ground. Trade is globalizing around us. Tariffs used to work
when we were the economic powerhouse of the world and could produce all
the steel and hard goods the developing world needed. We had the
resources, manpower, and the technology that made us the most creative
producers and best market for the world. We were the biggest
agricultural producer for a century. Times change.
The rest of the world grew their industries and is catching up and surpassing us in capacity to produce. If the other nations of the world are forced by tariffs and elimination of trade agreements with us to work around our production and marketplace, we will become less relevant . Within a decade or two import tariffs will mean nothing because we will not be a part of the global economy.
Auto manufacturers will simply relocate out of the U.S., selling to other markets because the cost of a vehicle in the U.S. will be too expensive for most of the population. The same will go for tech and all other industries. Those that cannot simply relocate their facilities will not survive when their products/services are priced too high for most Americans.
There need be no tariff retaliation or reprisals by other nations. We will simply have nothing to offer that they cannot obtain, at a better rate, elsewhere.
Make America Great again? No, MAD. Make America Depressed Again!The rest of the world grew their industries and is catching up and surpassing us in capacity to produce. If the other nations of the world are forced by tariffs and elimination of trade agreements with us to work around our production and marketplace, we will become less relevant . Within a decade or two import tariffs will mean nothing because we will not be a part of the global economy.
Auto manufacturers will simply relocate out of the U.S., selling to other markets because the cost of a vehicle in the U.S. will be too expensive for most of the population. The same will go for tech and all other industries. Those that cannot simply relocate their facilities will not survive when their products/services are priced too high for most Americans.
There need be no tariff retaliation or reprisals by other nations. We will simply have nothing to offer that they cannot obtain, at a better rate, elsewhere.
https://www.nytimes.com/2018/03/01/business/trump-tariffs.html?emc=edit_na_20180301&nl=breaking-news&nlid=75028030&ref=headline#commentsContainer
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