Besides, even Adam Smith outlined situations under which he considered tariffs to be appropriate:
In today's society, the economic burdens placed on domestic industries by the federal regulatory bureaucracy (EPA, OSHA, etc.) essentially constitute a tax. For this reason, it is valid to place a tariff on imported goods to compensate for the uneven playing field established by domestic regulations.Excerpted and condensed from:
Adam Smith: The Wealth of Nations, Book 4, Chapter 2 Of Restraints upon the Importation from Foreign Countries
of such Goods as can be produced at Home
"There seem, however, to be two cases in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry...
- The first is, when some particular sort of industry is necessary for the defence of the country....
- The second case, in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry is, when some tax is imposed at home upon the produce of the latter. In this case, it seems reasonable that an equal tax should be imposed upon the like produce of the former....
Very good! I'm not against "Restraints upon the Importation", but to subsidies to certain sector (agriculture etc.) and our domestic Tax System.