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?
Based on the latest data from the United States Census Bureau (2020), here are the top 10 most valuable US exports:
Aircraft and aircraft parts: $133.4 billion
Major destinations: China, Canada, France, Germany, Japan
Refined petroleum products: $74.8 billion
Major destinations: Mexico, Canada, Netherlands, Japan, Brazil
Automobiles: $73.1 billion
Major destinations: Canada, Mexico, China, Japan, Germany
Computers and electronic components: $64.6 billion
Major destinations: China, Mexico, Vietnam, Japan, South Korea
Pharmaceuticals: $63.9 billion
Major destinations: Ireland, Netherlands, Belgium, Canada, United Kingdom
Soybeans: $57.8 billion
Major destinations: China, Mexico, Indonesia, Japan, Spain
Natural gas: $53.5 billion
Major destinations: Mexico, Canada, South Korea, Japan, India
Corn: $49.4 billion
Major destinations: Mexico, Japan, South Korea, Colombia, Peru
Crude petroleum: $44.8 billion
Major destinations: Canada, Netherlands, China, United Kingdom, Germany
Semiconductors and other electronic components: $43.6 billion
Major destinations: China, Mexico, Vietnam, South Korea, Japan
These top 10 exports account for approximately 60% of the total value of US exports in 2020.
Please note that these figures are subject to change and may not reflect the current market situation. Additionally, the rankings might vary slightly depending on the specific data source or year.