9/10/24
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Economist and former Senator Phil Gramm writes that “Tariffs imposed in the name of revitalizing American manufacturing have, over six years, been followed by slightly decreased manufacturing output, reductions in (the number of those) employed in manufacturing and significantly higher trade deficits.” Gramm goes on to note that “When protectionists and industrial-planners make mistakes they often mask them with subsidies and tariffs – at taxpayer’s expense.” In other words, tariffs, as proposed by Donald Trump, in the long run: cost jobs, raise prices and are paid for by taxpayer financed subsidies.
