Trump must think twice about tariffs

 

Kudlow is exactly correct. And if twice isn’t enough try 3 times.

(From The Hill)

One of the ironies of trade protectionism is that tariffs and import quotas are what we do to ourselves in times of peace and what foreign nations do to u‎s with blockades to keep imports from entering our country in times of war. Or consider that we impose sanctions on U.S. enemies such as North Korea, Russia and Iran because we want them to feel the economic pain of being deprived of imports. But now we are imposing sanctions on our own country by punishing with tariffs in order to make Americans more prosperous. If ever there were a crisis of logic, this is it.

Donald Trump genuinely believes that his steel and aluminum tariffs will save thousands of blue-collar jobs. We know from our interactions with him that he truly cares about these workers in Pennsylvania, Ohio and other Rust Belt states. We do too and we don’t want factories to shut down. But even if tariffs save every one of the 140,000 or so steel jobs in America, it puts at risk five million manufacturing and related jobs in industries that use steel. These producers now have to compete in hyper-competitive international markets using steel that is 20 percent above the world price and aluminum that is 7 percent to 10 percent above the price paid by our foreign rivals.

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