By Free Republic | Created at 2024-10-22 01:08:49 | Updated at 2024-10-22 03:28:03
2 hours ago
The Case for Trump’s Tariffs
Wall Street Journal ^ | Sept. 19, 2024 | John Paulson
Posted on 10/21/2024 6:08:02 PM PDT by Mr. Mojo
Donald Trump has an aggressive plan to spur economic growth, reduce the federal budget deficit, ease inflation, and lift up everyday Americans who have struggled during the Biden-Harris administration. Mr. Trump’s plan, which he outlined Sept. 5 at the Economic Club of New York, includes keeping the 2017 tax cuts in place permanently, reducing costly regulations, cutting government spending, and making smart use of tariffs to restore American manufacturing.
Donald Trump has an aggressive plan to spur economic growth, reduce the federal budget deficit, ease inflation, and lift up everyday Americans who have struggled during the Biden-Harris administration. Mr. Trump’s plan, which he outlined Sept. 5 at the Economic Club of New York, includes keeping the 2017 tax cuts in place permanently, reducing costly regulations, cutting government spending, and making smart use of tariffs to restore American manufacturing.
The proposal for tariffs has raised the typical concerns from economists who argue for free-trade policies. Their views reflect traditional economic orthodoxy, not reality. In the real world, we have a one-sided free-trade policy in which America isn’t nearly as protectionist as other countries. The U.S. imposes only an average 2% tariff on imported industrial goods, while many other countries have both high tariffs and nontariff trade barriers. According to the Bureau of Economic Analysis, the merchandise trade deficit has exploded under President Biden, reaching a yearly record $1.2 trillion in 2022 and hitting a July record of $103 billion in 2024.
This imbalance has been devastating for U.S. industry. Since 2000, thousands of factories have closed, wages have stagnated, communities have deteriorated, and economic inequity has intensified. By contrast, foreign companies exporting products into the U.S. have prospered. Mr. Trump recognizes this, which is why as president he was tough on China and negotiated better trade deals.
(Excerpt) Read more at wsj.com ...
TOPICS: Business/Economy; Politics/Elections
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Unfortunately the rest of the article is behind a paywall. But it’s a pleasant surprise to see a pro-tariff opinion piece published in the WSJ.
1 posted on 10/21/2024 6:08:02 PM PDT by Mr. Mojo
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