Faster than a speeding tweet! More powerful than steamrolling economy! Able to leap to illogical conclusions!
Would someone please whisper into Trump’s ear that fact that tariffs amount to a tax on what Americans pay for everything, whether imported or not.
Put a tariff on steel and the cost autos built in the U.S. increase. Got it?
Put a tariff on stuff coming from China and they counter with a tax on soybeans, which are left to rot in silos.
Ludwig von Mises:
It is important to realize that what those benefited by these measures (tariffs) consider an advantage for themselves lasts only for a limited time. In the long run the privilege accorded to a definite class of producers loses its power to create specific gains. The privileged branch attracts newcomers, and their competition tends to eliminate the specific gains derived from the privilege. Thus the eagerness of the law’s pet children to acquire privileges is insatiable. They continue to ask for new privileges because the old ones lose their power.