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this post was submitted on 12 Oct 2024
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It seems the real problem with tariffs is the rapidity of them. If the US wants to encourage more manufacturing at home, fine. But as you note, just applying them suddenly is ruinous. I would think a much better approach would be that any new tariff must be slowly ramped up over a decade. Or maybe a hard rule that any individual tariff can't change by more than 2 percentage points a year. This way tariffs could still be a policy tool that can be raised and lowered based on national interest, but they would change slowly enough that industry could actually adapt.
I disagree mainly because I want a Hilux and can't get one because of the Chicken Tax
Chubby Electron Man, is that you?
it also creates response tariffs. There's a number of industries in the US that export products and are subsidized who are prime targets for foreign retaliatory tariffs: Farmers, auto workers, forestry, mining, etc. Not to mention limitations on raw material sales these industries buy
I just don't think Trump is clever enough to win on any international playing field. Look at how Russia and Israel play him like a fiddle. China can easily do the same with response tariffs, and they already retaliated bad enough on farmers that they needed emergency subsidies.