SCOTT BESSENT: Let's talk tariffs. It's time to revitalize Alexander Hamilton's favorite tool

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Posted on 11/22/2024 4:30:23 PM PST by Mr. Mojo

Tariffs have a long and storied history as both a revenue-raising tool and a way of protecting strategically important industries in our country.

For months, economic commentators parroted the Harris campaign’s misleading talking point that tariffs are a "sales tax." Like much of economists’ conventional wisdom, this view is fundamentally incorrect. The reflexive opposition to tariffs represents political ideology and advocacy, not considered economic thought.

The truth is that tariffs have a long and storied history as both a revenue-raising tool and a way of protecting strategically important industries in the U.S. President-elect Trump has added a third leg to the stool: tariffs as a negotiating tool with our trading partners.

Prior to the 16th Amendment, which authorized the individual income tax, tariffs had been one of the federal government’s chief sources of funding. Our first Treasury Secretary, Alexander Hamilton, also happened to be America’s original proponent of tariffs. But after World War II, a consensus coalesced around multilateral tariff disarmament. The promise of this new free-trade consensus was that any economic dislocations caused by globalization would be offset by increased prosperity for all. In the U.S. especially, this conviction was accompanied by a faith that free trade would lead to political freedom in other countries, such as Communist China. Neither of these predictions has proven to be correct.

The U.S. opened its markets to the world, but China's resulting economic growth has only cemented the hold of a despotic regime. In the interim, we've hollowed out our manufacturing base, leaving a trail of devastation through swathes of our country’s heartland. We've also created key national security vulnerabilities. The truth is that other countries have taken advantage of the U.S.’s openness for far too long, because we allowed them to. Tariffs are a means to finally stand up for Americans.

(Excerpt) Read more at foxnews.com ...

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1 posted on 11/22/2024 4:30:23 PM PST by Mr. Mojo

To: Mr. Mojo

2 posted on 11/22/2024 4:34:19 PM PST by reasonisfaith (What are the personal implications if the Resurrection of Christ is a true event in history?)

To: Mr. Mojo

3 posted on 11/22/2024 4:36:27 PM PST by 11th_VA (Democracy was on the ballot - and we won !!!)

To: reasonisfaith

4 posted on 11/22/2024 4:38:19 PM PST by sipow

To: 11th_VA

5 posted on 11/22/2024 4:42:44 PM PST by Jane Long (Jesus is Lord!)

To: reasonisfaith

6 posted on 11/22/2024 4:45:21 PM PST by dfwgator (Endut! Hoch Hech!)

To: Mr. Mojo

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