George Pence on Nostr: Yeah, unfortunately we pay the cost, it's a tax America is imposing on itself. I ...

Yeah, unfortunately we pay the cost, it's a tax America is imposing on itself. I believe the new administration is doing a massive disservice to American citizens by allowing Trump to make it sound like foreign countries will be paying these tariff costs. Most people (myself included) never really had a need to learn what tariffs were, but if you look into it a better name for it is just "import tax".

A tariff definitely can be an economic tool to foster growth and competition of American companies against foreign producers, but the way Trump is wielding them so heavyhandedly across the board is not the right way to do it. They should be applied strategically in certain industries where it makes sense, but he's using them like a threat/bargaining tool to try to force other countries to do something. I hope Lyn will make some comments on this because I'm just a random person who studies this stuff for my own curiosity, but I think using them that way is the wrong way to go. All that does is further intensify trade wars which are really not good for anyone in such an interconnected global economy.