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this post was submitted on 09 Nov 2024
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I think the "logic" is that if things are too expensive to import then companies will start manufacturing them domestically and create jobs. But that almost never works out. An economist could probably explain why better than I can.
I do know that the better approach is to support those industries here. That's why we recently dumped a bunch of money into the CHIPS and Science act.
I am actually in favor of tariffs in a couple of limited situations:
Foreign goods are cheap due to non-existent labor laws
Foreign goods are cheap, but produce more emissions than domestic manufacturing
#2 is also called a carbon border adjustment mechanism, or CBAM, and the EU voted to implement one last year that goes into effect in 2026. The USA desperately needs one IMHO. I'm involved in a nonprofit that's been lobbying Congress to implement our own CBAM.
It's silly though to think that a tariff is anything but a tax. It's not any different than any other way that we use our tax laws to try to regulate "pure" capitalism by encouraging certain behavior and discouraging other behavior.