I like watching Him but I think global trade might be over his head.
Until human rights are recognized trade disparities will persist. Nations that use prisoners as a part of their workforce should be punished for it. Tarrifs are not a good way to do it. They just make things more expensive for the consumer. It isn’t a tax on that country or its businesses. It’s a tax on us, the consumer.
Tarrifs also cause the nation we are targeting to impose tarrifs on our goods shipped overseas. That exasperates the trade imbalance and hurts our companies.
Ask Herbert Hoover how well it works.
I do think the threat of tariffs works, especially if the trade deficit is in the offending county’s favor. This is exactly how Trump get Mexico to pay for the wall.
“Tarrifs also cause the nation we are targeting to impose tarrifs on our goods shipped overseas. That exasperates the trade imbalance and hurts our companies.
Ask Herbert Hoover how well it works.”
The Fordney-McCumber of 1922 was virtually the same as the Smoot-Hawley Tariff of 1930.
Fordney-McCumber was followed by the Roaring 20s. Smoot-Hawley by the Great Depression.
The Great Depression was caused by a collapse of the American banking system that resulted in a 30% contraction of the US money supply. The tariff had nothing to do with that.
OTOH, perhaps tariffs would lead to better deals as a way of making other countries willing to deal......
How are we not paying more when we run a half a trillion trade deficit with China? It may not show up on the price tags, but it is exacted via the IRS.....