Mr Trump tweeted that the US had been “decimated by unfair trade and bad policy”. He said steel imports would face a 25% tariff, and aluminium 10%.
However, critics argue that the tariffs would fail to protect American jobs and would ultimately put up prices for consumers.
Mr Trump’s announcement hit US markets, with the Dow Jones index closing down 1.7%.
Allow Mr. Friedman to explain:
Anyone here voted for Trump?
Eso si que es….
Hopefully, this proposal will be the beginning of a better solution not a sledge hammer approach to a problem that requires more finesse.
We are in a trade war and we are losing.
Our trade deficit is in the billions. These tariffs will start the conversation for more fair trade agreements. They have much more to lose than we do.
Libertarians postulate that man is an economic unit, sort of like a pliers or truck. So the immobility of labor (vs. the mobility of capital) won’t be a big deal; if the labor cannot move to the job (in Mexico or Red China), simply plug the economic unit/pliers into a different job where he is!
Like brain surgery, or IT Project management. No big deal, right?
Go ahead. Tell your working spouse that they are a VERY fine economic unit. See how that plays out in a romantic evening.