And if tariffs are so bad, then why do places like Japan love them so much? We can’t get *anything* imported past their protectionist policies. Man they are dumb in Japan, don’t they know that if they opened their markets to our beef and rice farmers, their domestic beef and rice industries would magically flourish i guess?
Reagan imposed carefully targeted tariffs on certain Japanese made goods and the Japanese responded by manufacturing here. He saved Harley Davidson and brought new manufacturers.
End-Use Code | Value 2004 | Value 2005 | Value 2006 | Value 2007 | Value 2008 |
---|---|---|---|---|---|
(00000) Wheat | 515,635 | 512,498 | 573,154 | 792,345 | 1,616,783 |
(00010) Rice | 174,308 | 165,184 | 174,088 | 173,871 | 185,567 |
(00100) Soybeans | 1,030,961 | 835,220 | 882,648 | 1,129,555 | 1,430,518 |
(00110) Oilseeds, food oils | 52,762 | 50,788 | 48,347 | 80,334 | 88,020 |
(00200) Corn | 1,916,754 | 1,633,016 | 1,972,828 | 2,642,054 | 3,892,214 |
(00210) Sorghum, barley, oats | 113,108 | 171,090 | 167,195 | 186,209 | 243,972 |
(00220) Animal feeds, n.e.c. | 639,763 | 727,025 | 754,537 | 825,346 | 922,420 |
(00300) Meat, poultry, etc. | 1,072,352 | 1,197,490 | 1,196,797 | 1,506,797 | 2,062,079 |
(00310) Dairy products and eggs | 86,751 | 114,236 | 105,838 | 131,397 | 202,792 |
(00320) Fruits, frozen juices | 605,438 | 546,591 | 556,286 | 645,499 | 629,704 |
(00330) Vegetables | 476,487 | 487,744 | 499,339 | 505,210 | 546,873 |
(00340) Nuts | 177,211 | 214,649 | 202,040 | 199,749 | 202,806 |
(00350) Bakery products | 116,309 | 108,154 | 104,873 | 112,906 | 129,075 |
(00360) Other foods | 541,644 | 609,830 | 609,550 | 668,820 | 607,922 |
(00370) Wine and related products | 90,274 | 85,200 | 75,017 | 64,897 | 62,687 |
(01000) Fish and shellfish | 1,084,017 | 1,124,697 | 958,799 | 793,921 | 789,941 |
(01010) Alcoholic beverages, excluding wine | 64,239 | 64,210 | 68,244 | 64,206 | 68,412 |
(01020) Nonagricultural foods, etc. | 65,055 | 49,176 | 43,990 | 46,229 | 45,271 |
(10000) Cotton, raw | 94,188 | 80,673 | 77,204 | 105,946 | 130,430 |
(10100) Tobacco, unmanufactured | 103,956 | 55,348 | 7,756 | 7,814 | 36 |
(10120) Hides and skins | 98,604 | 78,488 | 88,973 | 82,860 | 61,310 |
(10130) Agric. industry-unmanufactured | 74,997 | 71,509 | 78,544 | 82,575 | 110,938 |
(10140) Agric. farming-unmanufactured | 136,735 | 132,268 | 160,069 | 155,692 | 120,367 |
(10150) Agriculture-manufactured, other | 165,187 | 174,520 | 161,281 | 148,805 | 149,959 |
(11010) Metallurgical grade coal | 286,400 | 162,037 | 26,733 | 0 | 199,447 |
(11020) Coal and fuels, other | 186,235 | 127,199 | 92,329 | 112,104 | 184,840 |
(11110) Fuel oil | 14,656 | 42,488 | 75,577 | 26,898 | 71,216 |
(11120) Petroleum products, other | 472,377 | 504,061 | 461,558 | 578,297 | 973,348 |
(11130) Natural gas liquids | 1,539 | 1,449 | 21,425 | 14,160 | 27,152 |
(11200) Gas-natural | 139,211 | 140,969 | 156,457 | 110,551 | 321,700 |
(11300) Nuclear fuel materials | 714,087 | 486,544 | 582,440 | 824,027 | 614,206 |
(12000) Steelmaking materials | 76,430 | 101,987 | 160,075 | 394,455 | 470,439 |
(12100) Iron and steel mill products | 33,314 | 53,999 | 39,406 | 49,936 | 46,559 |
(12110) Iron and steel products, other | 72,326 | 71,819 | 93,214 | 98,890 | 121,192 |
(12200) Aluminum and alumina | 128,587 | 187,706 | 304,877 | 353,852 | 348,245 |
(12210) Copper | 82,362 | 124,665 | 222,167 | 284,775 | 423,613 |
(12260) Nonmonetary gold | 13,145 | 71,347 | 11,435 | 23,723 | 16,677 |
(12270) Precious metals, other | 290,312 | 400,527 | 871,573 | 1,494,838 | 1,252,555 |
(12290) Nonferrous metals, other | 485,688 | 755,883 | 1,081,220 | 1,289,266 | 1,341,651 |
(12300) Finished metal shapes | 324,740 | 340,743 | 424,913 | 462,559 | 572,301 |
(12420) Pulpwood and woodpulp | 364,850 | 380,146 | 446,341 | 401,281 | 451,119 |
(12430) Newsprint | 615,393 | 601,912 | 584,490 | 567,722 | 615,989 |
(12500) Plastic materials | 932,021 | 1,058,919 | 1,153,618 | 1,138,766 | 1,384,807 |
(12510) Chemicals-fertilizers | 229,710 | 245,096 | 240,268 | 233,384 | 611,304 |
(12530) Chemicals-inorganic | 433,570 | 473,755 | 513,890 | 586,425 | 642,636 |
(12540) Chemicals-organic | 1,435,448 | 1,517,903 | 1,419,950 | 1,669,785 | 1,741,904 |
(12550) Chemicals-other | 1,134,135 | 1,164,720 | 1,258,396 | 1,235,980 | 1,411,517 |
(12600) Cotton fiber cloth | 10,924 | 9,443 | 6,994 | 10,459 | 7,836 |
(12620) Manmade cloth | 113,916 | 115,102 | 154,293 | 137,602 | 159,016 |
(12630) Hair, waste materials | 33,031 | 29,635 | 35,864 | 26,909 | 30,889 |
(12640) Finished textile supplies | 67,549 | 74,750 | 77,926 | 67,573 | 71,359 |
(12650) Leather and furs | 13,500 | 4,606 | 5,910 | 91,677 | 73,904 |
(12700) Synthetic rubber-primary | 86,570 | 135,356 | 163,443 | 133,221 | 124,001 |
(12720) Nonmetallic minerals | 37,520 | 45,101 | 46,025 | 41,960 | 44,190 |
(12750) Industrial rubber products | 54,861 | 38,906 | 44,629 | 41,575 | 45,556 |
(12760) Mineral supplies-manufactured | 420,677 | 423,908 | 505,160 | 581,817 | 491,992 |
(12765) Tapes, audio and visual | 49,887 | 35,884 | 39,005 | 21,367 | 41,432 |
(12770) Other industrial supplies | 600,538 | 586,043 | 637,888 | 649,880 | 616,597 |
(13100) Logs and lumber | 645,785 | 574,850 | 578,171 | 530,983 | 547,501 |
(13110) Wood supplies, manufactured | 71,733 | 60,711 | 51,792 | 41,907 | 36,150 |
(13200) Glass-plate, sheet, etc. | 134,838 | 106,211 | 136,058 | 77,290 | 52,953 |
(13210) Shingles, molding, wallboard | 114,134 | 117,109 | 115,343 | 141,667 | 157,651 |
(13220) Nontextile floor tiles | 13,004 | 14,509 | 12,623 | 9,750 | 7,660 |
(20000) Generators, accessories | 177,582 | 188,581 | 212,155 | 197,134 | 238,007 |
(20005) Electric apparatus | 795,701 | 882,170 | 859,893 | 756,127 | 778,497 |
(21000) Drilling & oilfield equipment | 33,658 | 42,779 | 35,956 | 31,838 | 29,855 |
(21010) Specialized mining | 4,205 | 5,706 | 4,976 | 6,324 | 6,756 |
(21030) Excavating machinery | 87,645 | 150,793 | 86,336 | 121,927 | 88,402 |
(21040) Nonfarm tractors and parts | 36,972 | 47,834 | 42,759 | 92,706 | 86,106 |
(21100) Industrial engines | 433,660 | 452,209 | 480,959 | 590,806 | 592,896 |
(21110) Food, tobacco machinery | 140,877 | 148,265 | 115,250 | 106,315 | 114,042 |
(21120) Metalworking machine tools | 672,506 | 765,772 | 962,872 | 280,533 | 220,764 |
(21130) Textile, sewing machines | 33,721 | 33,834 | 33,026 | 26,398 | 34,700 |
(21140) Wood, glass, plastic | 278,467 | 178,306 | 163,466 | 132,499 | 318,749 |
(21150) Pulp and paper machinery | 122,305 | 111,126 | 110,215 | 99,136 | 68,876 |
(21160) Measuring, testing, control instruments | 1,570,345 | 1,456,700 | 1,695,743 | 1,525,060 | 1,319,877 |
(21170) Materials handling equipment | 193,276 | 244,602 | 248,755 | 238,677 | 259,254 |
(21180) Industrial machines, other | 2,075,711 | 1,985,747 | 2,340,788 | 2,878,512 | 2,396,421 |
(21190) Photo, service industry machinery | 282,188 | 291,131 | 326,506 | 398,222 | 342,514 |
(21200) Agricultural machinery, equipment | 84,735 | 66,551 | 57,322 | 61,199 | 52,331 |
(21300) Computers | 535,870 | 572,859 | 594,643 | 617,593 | 650,850 |
(21301) Computer accessories | 1,959,051 | 1,795,672 | 1,753,544 | 1,428,826 | 1,012,665 |
(21320) Semiconductors | 2,367,086 | 1,872,528 | 2,066,640 | 1,737,066 | 1,625,044 |
(21400) Telecommunications equipment | 1,962,899 | 1,869,233 | 2,068,873 | 2,039,868 | 1,816,072 |
(21500) Business machines and equipment | 101,400 | 63,462 | 53,575 | 139,551 | 99,445 |
(21600) Laboratory testing instruments | 878,999 | 859,890 | 871,160 | 949,014 | 903,191 |
(21610) Medicinal equipment | 2,347,862 | 2,723,780 | 2,664,909 | 2,540,775 | 2,830,576 |
(22000) Civilian aircraft | 2,754,672 | 3,195,908 | 3,497,713 | 4,154,169 | 3,520,805 |
(22010) Parts-civilian aircraft | 1,086,591 | 1,255,517 | 1,409,833 | 1,517,859 | 1,577,420 |
(22020) Engines-civilian aircraft | 923,924 | 887,648 | 1,079,142 | 1,183,076 | 1,447,950 |
(22100) Railway transportation equipment | 28,605 | 24,965 | 37,190 | 42,790 | 52,414 |
(22200) Vessels, excluding scrap | 325 | 124 | 272 | 843 | 697 |
(22210) Commercial vessels, other | 5,523 | 6,195 | 5,883 | 8,698 | 7,202 |
(22220) Marine engines, parts | 31,451 | 46,806 | 34,902 | 72,863 | 37,804 |
(22300) Spacecraft, excluding military | 7,614 | 14,738 | 8,954 | 17,083 | 13,906 |
(30000) Passenger cars, new and used | 486,991 | 533,611 | 476,818 | 504,757 | 533,877 |
(30100) Trucks, buses and special purpose vehicles | 25,920 | 40,729 | 37,860 | 71,434 | 105,831 |
(30200) Engines and engine parts (carburetors, pistons, ri | 176,495 | 210,240 | 247,405 | 242,185 | 271,577 |
(30210) Bodies and chassis for passenger cars | 5,068 | 4,963 | 10,311 | 2,646 | 1,429 |
(30220) Automotive tires and tubes | 87,019 | 91,707 | 85,210 | 90,284 | 84,059 |
(30230) Other parts and accessories of vehicles | 1,233,831 | 1,139,134 | 1,418,654 | 1,389,517 | 1,167,822 |
(40000) Apparel, household goods - textile | 282,310 | 336,578 | 289,022 | 236,486 | 234,852 |
(40030) Apparel,household goods-nontextile | 218,330 | 242,286 | 228,438 | 175,578 | 179,813 |
(40050) Sports apparel and gear | 32,663 | 27,802 | 30,955 | 24,653 | 27,119 |
(40100) Pharmaceutical preparations | 1,410,220 | 1,586,405 | 1,796,411 | 1,679,294 | 1,893,530 |
(40110) Books, printed matter | 162,029 | 153,125 | 153,952 | 152,338 | 162,954 |
(40120) Toiletries and cosmetics | 443,450 | 444,615 | 404,899 | 431,992 | 496,153 |
(40130) Tobacco, manufactured | 954,346 | 883,711 | 934,935 | 761,056 | 599,685 |
(40140) Writing and art supplies | 158,982 | 155,595 | 148,494 | 146,248 | 169,120 |
(41000) Furniture, household goods, etc. | 85,997 | 86,091 | 82,597 | 87,547 | 69,626 |
(41010) Glassware, chinaware | 17,033 | 18,979 | 17,251 | 17,936 | 16,034 |
(41020) Cookware, cutlery, tools | 55,481 | 54,113 | 50,510 | 41,460 | 38,585 |
(41030) Household appliances | 102,029 | 97,076 | 107,464 | 104,276 | 101,835 |
(41040) Rugs | 32,283 | 26,167 | 21,179 | 14,862 | 11,803 |
(41050) Other household goods | 960,325 | 1,059,116 | 1,210,601 | 1,442,358 | 1,687,817 |
(41110) Pleasure boats and motors | 55,147 | 69,455 | 75,628 | 70,667 | 56,309 |
(41120) Toys/games/sporting goods | 509,593 | 536,076 | 563,174 | 546,093 | 585,043 |
(41140) Musical instruments | 124,502 | 141,162 | 139,750 | 147,565 | 177,503 |
(41200) TV's, VCR's, etc. | 89,476 | 96,436 | 89,317 | 56,516 | 48,447 |
(41210) Stereo equipment, etc. | 181,716 | 209,072 | 244,525 | 241,464 | 205,778 |
(41220) Records, tapes, and disks | 271,627 | 255,036 | 219,862 | 242,647 | 200,271 |
(41300) Numismatic coins | 894 | 1,494 | 2,154 | 2,361 | 6,408 |
(41310) Jewelry, etc | 407,146 | 467,420 | 669,198 | 726,402 | 519,108 |
(41320) Artwork, antiques, stamps, etc. | 119,041 | 173,998 | 209,017 | 218,444 | 169,182 |
(42000) Nursery stock, etc. | 6,167 | 6,114 | 12,959 | 6,506 | 8,758 |
(42100) Gem diamonds | 89,676 | 100,387 | 102,476 | 107,562 | 72,918 |
(50000) Military aircraft, complete | 706 | 71,287 | 99,460 | 60,981 | 400,564 |
(50010) Aircraft launching gear, parachutes, etc. | 20,524 | 30,534 | 11,544 | 8,803 | 11,477 |
(50020) Engines and turbines for military aircraft | 186,983 | 206,282 | 203,660 | 249,072 | 257,938 |
(50030) Military trucks, armored vehicles, etc. | 47,252 | 33,617 | 45,905 | 11,680 | 49,183 |
(50050) Tanks, artillery, missiles, rockets, guns and ammu | 307,635 | 465,735 | 493,627 | 419,997 | 491,538 |
(50060) Military apparel and footwear | 17,221 | 68,664 | 196,285 | 66,694 | 45,438 |
(50070) Parts for military-type goods | 873,921 | 793,348 | 845,034 | 924,101 | 869,476 |
(60000) Minimum value shipments | 563,820 | 573,285 | 618,738 | 640,926 | 693,184 |
(60010) Miscellaneous domestic exports and special transac | 992,098 | 1,073,999 | 672,350 | 634,239 | 659,820 |
TOTAL | 54,243,120 | 55,484,472 | 59,612,714 | 62,703,458 | 66,579,152 |
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LOL! Yeah, if only we could be more like Japan. Then we could have two decades of recession and deflation and a national debt that's more than 200% of GDP. Those would be good times. What a loon.
I understand that Japanese beef is frequently served in the White House.
And the Japanese have had 20% unemployment for the last 20 years. Not who I would emulate.
Let’s say your arguments are sound. Tariffs are not bad and targeted tariffs are even good. They can create jobs.
You’ll admit then that tariffs are like earmarks. An earmark takes taxpayer money and benefits a targeted or preferred constituent or constituency and a tariff does the same thing.
Now, you’ll likely object to the taxpayer money being lost in a tariff, but you’d be wrong. Imagine a tariff that protects Sen. Durbins favorite widget manufacturer - ACME Widgets. It targets “unfair” competition from say the Red Chinese who really want to corner the widget market in the world and the USA.
The Red Chinese so badly want the widget market that they allocate significant resources into it allowing RED Widgets (a wholly owned subsidiary of the PLA) to sell their widgets for $1.00. ACME cannot even come close to that. Their widgets at a 5% net profit margin must be sold for $10.00. Americans who used to only buy one widget a quarter now buy hundreds at the new RED widgets price.
What you have is the following: a misallocation of productive assets on the part of the Red Chinese into widgets. The money spent on capturing the widget market could have been used to make something else. In America you have a demand curve that literally moves outward due to the low price. Who gains?
Americans are delighted with their widgets. Widgets are good.
Now government is faced with a dilemma. ACME employs several hundred American workers. They will lose if ACME is driven out of business. Sen. Durbin places a special tariff on widgets raising the imported price by $9.00 and making it equal to the ACME Widgets price. Who gains?
Only ACME and its employees. All other Americans lose. They are now forced to accept less widgets or the same amount, but at an inflated price. The demand curve shifts back to “normal”.
Now we have no idea if ACME is poorly run. We don’t know if the owners have squandered resources that should have been moved into producing widgets at a lower price and more efficiently. ACME may have all kinds of ridiculous legacy costs or work rules imposed upon it making it uncompetitive. Nothing in the tariff will repair this, but it did just transfer American wealth back to Americans. Like shifting money from one pocket to another. No new wealth was created.
Under the previous regime, Chinese wealth was being transferred to Americans via the subsidy paid by Red China to its manufacturing arm Red Widgets.
Surely, you see that, right?
There is a third option, do nothing. What happens in this scenario?
ACME goes under (we are uncertain whether it is deserved, but it certainly came faster than it would have without the Red Chinese subsidizing their exports to the U.S.). All its workers are thrown out of work. What happens to them? Are they trapped in unemployment for the rest of their lives? Have jobs been “lost” in this scenario? Have they been “gained” in the pro-tariffs scenario?
What naturally happens is some will take other jobs paying the same, some less. Some will learn other trades or skills and move on to new industries.
The Red Chinese realize now is the time to strike. They raise prices on widgets to $20 as their is no competition. ACME’s old managers and some employees realize there is new opportunity and start a company and sell widgets at $10. Forcing the Chinese to drive prices back down. Eventually, we innovate because free competition encourages innovation and our prices drop.
Now the Chinese must choose to subsidize widgets or not. You cannot manage an economy. It is impossible.
Economy by the way really means household management. So when you talk about managing the economy you really mean manage the millions of individual households and all their economic decisions.
Subsidies cause harm to the nation that uses them. Tariffs reduce the wealth of the country that imposes them.