What did the McKinley Tariff do?
The McKinley Tariff Act of 1890 increased the taxes on most imported goods while eliminating taxes on luxury items. The intent was to protect American industries from foreign competition. The outcome was that domestic businesses raised the prices of American products to unaffordable rates.
source https://study.com/academy/lesson/the-mckinley-tariff-of-1890.html
If you google anything related to Tariffs, the fake news and fake academia studies are working hard to slander McKinley and Trump.
Ppl around me are assuming tariffs will increase the price of imports/goods that we cannot afford anymore.
Sounds like bullshit to me, many countries that ripped us off on trade deals, just aren’t gonna get their free lunches anymore. Trump said many countries are hugely reliant on us for many things, like military assistance. Taking that away alone will make them desperate to make better trade deals.
However I’m not too educated on the matter. Could we have a discussion and dig into how tariffs will help is? I wanna educate normies
So yeah what do you guys think?
The best point of tariffs is they drive up domestic manufacturing
Combined with lower regulations, domestic manufacturing should go up.
This is probably the key. It will shift back to domestic items being preferred or only available at times.
It is true that costs can go up for imported goods. But this will usually only be in the beginning and will encourage domestic production and manufacturing. In the past it was to safe guard new domestic companies and give them the chance and success to grow by reducing importing competitors. It also increases our own economy.
There is always a give and take. The honest truth is that we are so use to everything being imported, being cheaply made, and having anything at the click of a button that sure some things might go up a bit or might be hard to find. The U.S. for too long has relied on other countries to make and grow the items we need and shifted a ton of manufacturing outside of the country. This will encourage them to come back. And in the long run, tariffs are great.
We need to keep an eye on domestic companies too that they aren't just hiring all the illegal aliens and that they are actually taking care of our American citizens who want and need jobs. If our citizens don't want those jobs, then that's a different story.
Also, just a random fact is that Alexander Hamilton was a leading figure for the idea of protecting and increasing economic independence and saw it as a national security and war supplies was a big one. Trump talks a lot about every state producing something for the Iron Dome defense like system built around the country. Now hopefully it's not just fueling the military industrial complex, but at least have fun telling your liberal friends who kept gushing over the Broadway play "Hamilton" that their favorite star was all about tarriffs and protecting domestic manufacturing!
One last note, is if it does increase the price of goods for us now in the beginning until things can get going and sustain itself...would you be ok with fronting that cost for your children and their future so they wouldn't have to or end up worse? For making America the way it was suppose to be? This is going to be our battle.
I'm down for that. If I have to pay a little extra now, so that my young grand kids will have a truly sustainable future "tomorrow," that's fine with me. Humanity is at a crossroads the likes of which it hasn't seen since the times of Noah. Nobody can even relate to that, except that everyone knows that in order for humanity to survive, we MUST fix what we've broken.
"Crony" capitalism has got to go. It's what allowed companies like East India Trading become the world's leading military power. And if you look at today, it's what has allowed Blackrock, State Street, Vanguard, Halliburton, Lockheed-Martin, BofA, Chase, and all the other mega corps(es) to be able to basically set domestic/foreign policy while also putting the squeeze on our pocketbooks.
Tariffs alone won't fix our shared economy. We must also change the way we do business with each other. What happens at the macro level, also happens at the micro level (out of necessity) in order for the "little guy" to survive. We've become too used to buying the cheap labor goods out of necessity just as much as convenience. It's why we now have a "service economy." If we can find a way to change our mindset of "profit over all else," the prices of the goods we buy will eventually come back down to a more reasonable rate.
This is going to take a monumental shift in the way we think re: "economics." Because one thing should be abundantly clear to everyone throughout the world: our economy is NOT economical and cannot sustain itself for much longer on our current trajectory.