Do people still not know how tariffs work? JFC. There's a reason tariffs haven't been used as a major form of trade control since the 19th century -- they don't work.
We're no longer in a world where anybody can just build a factory and start cranking out shit. We live in an interconnected, global society where our supply chains are strung out across the entire planet.
Some things we can't get here. Some things we can't make her. Some things would be prohibitively expensive even if we could.
🇳🇱
> haven't been used as a major form of trade control since the 19th century
Under Biden:
"China is also flooding global markets with artificially low-priced exports. In response to China’s unfair trade practices and to counteract the resulting harms, today, President Biden is directing his Trade Representative to increase tariffs under Section 301 of the Trade Act of 1974 on $18 billion of imports from China to protect American workers and businesses."
We just going to ignore the fact that Biden literally increased the exact same tariffs earlier this year?
This is literally just a single tariff increase across a ton of china tariffs int he 301.
The total 301 tariff list on china covers about 600 billion, this particular increase was only 18 billion out of that.
Yea I'd call that pretty major.
https://ustr.gov/issue-areas/enforcement/section-301-investigations/tariff-actions
@freemo @gwynnion ok you got me. Still the proposed tariffs are another order of magnitude. https://taxfoundation.org/research/all/federal/tariffs/
How is Trump's 80 billion tariff "another order of magnitude" compared to the already existing ~600 billion in tariffs already levied against china?
@freemo @gwynnion it’s not quite. I scanned too quick and got confused by time units. It’s more like 3-4x and I am basing it on the revenue generated not the cost of goods. I’m was also talking about all the proposed tariffs not just china’s. So from the article I linked Biden got 36b a year mostly from existing trump tariffs. Trump’s proposal gets 120b a year revenue. Both numbers ignore secondary effects like reduction in trade, jobs, and gdp.
@lxo In the opposite sense that Hexnut meant it sure.
@freemo @gwynnion not really “major” yet that’s only 5% of the trade. We should not even be doing those, was very disappointed that Biden didn’t reverse trump’s tariffs.