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So he really has no idea how tariffs work
Yup
Either he's an idiot or he thinks everyone listening to him are idiots and I can't decide what's worse.
Probably both. Idiots rarely see beyond their level of reasoning
Trump's degree is in economics.
A lot of people who support Trump are worried about having low-skill jobs in areas that the US is not competitive in that pay well in the US, which is hard if they have to compete with the rest of the world.
You may come to your own conclusions.
Things have changed a lot today from the time he bought his degree
Hes a rich kid who bought a degree and even if he did actually try to get a degree he's clearly fucking terrible at it. Good economists don't lose money owning casinos, almost no one does generally but he certainly found a way.
His ex wife though, she turned around hers and made a fortune.
Hey, there is another option. Corporations could illegally decide to absorb the cost of the labour and tank their share prices.
I'm not quite sure which option would implode the economy faster, but it would be a neat experiment.
Burn it! Burn it! Burn it!
Which in turn stimulates local production, which in turn leads to economic growth...
Seriously people, Protectionism is a tried and tested method. In the right circumstances it is a powerful tool. The question is, whether these circumstances apply in the current US, but look at all industrialized nations. They used protectionism to grow their industries and now they oppose other countries protectionism to keep them small.
https://en.wikipedia.org/wiki/Protectionism
from your own source
So to reduce costs of goods we will make cheap items from China cost more so USA made can compete at a higher price. why doesn't the math work here? how does this result in a better economy?
such a fan of the quote from source disproving the original post.
Only superceded by the double "this you?" screenshot
Is what i said.
Because then manufacturers in the US employ people in the US, who then have more money to consume in the US. That requires the government to also work towards good wages though. Also it allows for industries to grow so they can use economics of scale to drive down their production prices and then their consumer prices.
Again, for developing industries it can be crucial and is tried and tested. The question is whether that is what the US needs right now.
You don't understand the current context then.
Look up Bethlehem Steel. That's the future of American production if Trump tries to use tarrifs to force local production.
If you're actually concerned about US production you'd lobby for subsidized labor to produce goods here. You'd lobby for stronger unions. If your lens is capitalism you need to outcompete your competition. And the current metric for that is labor costs and worker retention.
Look up FoxConn. See how we've outsourced suppressed wages and the model of the company store to China.
It's unlikely most manufacturers will make that investment, since they'll have to deal with a significant upfront cost, increased running costs and likely counter-tarriffs, all for an ordeal that may well be completely undone in 2 to 4 years. In the meantime US inflation will grow again.
Protectionism is not the main tool that helped countries industrialize, the creation of global trade and particularly deficit spending are to be credited for that. Protectionism is, particularly in the modern age, next to useless.
I mean, he just threatened them on Russia despite our trade being nearly nonexistent with Russia for the past three years. So yeah.