Cutting tariffs ASAP would be the best “stimulus” for a weakening world economy.

in economy •  3 months ago 

image.png

https://www.bloomberg.com/opinion/articles/2024-05-08/progressives-abandon-free-trade-past-for-economic-nationalist-future

Historically, Republicans favored high tariffs while Democrats and Progressives campaigned on rolling them back down. The Reciprocal Trade Act of 1934, for example, let Secretary of State Cordell Hull negotiate deep cuts in the infamous Smoot-Harley tariffs that Hoover signed in1930 (and FDR ran against).

Today both parties are pushing dangerous protectionist nonsense- giving voters no choice.

Tariffs are sales taxes that fall on US buyers - not on foreign sellers.

Tariffs raise the cost of production for American businesses and raise the cost of living for consumers.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!