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?
Not how tariffs work if done correctly. China has low labor costs. But so do several other countries. So that makes China eat most of the tariff costs. Otherwise customers will shift countries. For some things, there is a spin up time in the other country, but they are hungry for the business. And once it leaves China, it is not likely to return. When you look at tariffs, you have to look at the much larger picture of actions and reactions. If done correctly, there is very little impact on inflation. And that will be more than offset by the domestic moves that Trump is making.