An economist said, “We call a tariff a protective measure. It does protect. It protects consumers against one thing. It protects consumers against low prices. “
Hard times, in the guise of tariffs, are coming. Middle and working class folks will suffer the most. After paying for essentials, little is left. Now essentials will bite even deeper. The increased cost of living for a family could exceed several thousand dollars. Where will it come from?
Trump plans to “repatriate” manufacturing jobs. More goods will be manufactured here to avoid tariffs. First, how long will it take to build all these factories? Second, many goods that are assembled here are assembled from now more costly imported parts. Third, the countries that import our exports will retaliate with their own tariffs, pinching our exports.
Further, trading partners have often been security partners. If we abrogate economic agreements will they trust our security and cultural commitments? Remember our harsh disparagement of NATO and other security commitments. Trump has trumpeted “America First”; what is heard, ominously, is “America Alone.”
Tariffs, crushing tariffs, appear to mark our international path. It is a perilous path. The threat is the simultaneous curse of high unemployment and high inflation. It is called “stagflation.” Look it up. But sit down first.
I’m Bob Evans and that is my perspective.
