It would inspire confidence that we had some sort of well-designed plan that could actually work if we weren’t slapping tariffs on uninhabited islands.
First, if an uninhabited island has tariffs on us, then we put tariffs on it (this must be some inane CNN talking point, because I haven’t heard of this, nor do I care).
Second, the plan is really kind of simple. Tariffs, on their face, are intended to raise money, inspire repatriation of manufacturing, and create increased opportunity within the US. The other notable benefits are strengthening self reliance through supply chain security and providing a leverage point to further other interest.
People, especially on the left, seem to have a very poor grasp of US economic history. The growth of the US, the circumstances leading to the Industrial Revolution, our ability to dominate in WWI and WWII, all coincide with a period in time where the US imposed tariffs between 20-60% on imported goods, which was all the way up to 1947. The US had some of the highest tariffs in the world from 1816 thru 1947.
The decline in the US can be directly tied back to two points, 1947 establishment of GATT (now WTO) and the 1971 expiration of Breton Woods and the low tariff policy adopted thereafter.
It’s the most Simple concept out there. Wealth is based on aggregation. You have more coming in than going out. Our low tariff strategy that began in the 1970s led to the first negative trade balance in our history and ever since we have had more going out than coming in.
