So - you admit that you want to:
* Raise all prices by 10%
* Give the money raised to the government.
* Forbid Americans from buying better/cheaper products from abroad, in contravention of their rights of Freedom of Association.
Also: you don’t appear to support any measures that would make it easier to produce wealth in America - you just want Government to build an ‘iron curtain’ around America and prevent foreign competition.
Is that about right?
Nope.
But as a non-American, I’m not actually expecting you to actually read accurately.
:D
Raising import tariffs by 10% would not raise the cost of everything in America by 10%. Imports currently amount to 16% of our GNP. So we are talking about 1.6% increase max. ( 10% tariff x 16% import/GNP = 1.6% increase.
However, it would be less than that. Some foreign firms would choose to eat the tariff and take reduced profits rather than lose market share. If they do that there will be no price rise; however it won’t help our industry, but it will still raise money for the government.
In some cases American producers will start producing and will produce products for less than the tariffed import cost. Remember there will still be competition to keep prices down as long as there are more than one American producer.
So I’d estimate a 10% tariff results in a 1.0% increase in the general price level. But to put 23% of Americans back to work, and restore American industry, that seems a reasonable price to pay.
You forgot the part where all the other countries put tariffs on anything we export, like food, chemicals, natural gas, heavy equipment etc etc...