So far the comments from the right have been typical deflection and distraction, but I suspect
ttwtt might be coaxed into a substantive discussion, so I'm willing to try.
Here's why tariffs are a bad idea and
nearly every economist opposes them:
First, they are a drag on the economy. As a result of
years of Obama policies, the economy was finally on a solid footing, expanding nearly his entire presidency. Until now, Trump's policies have failed to put a damper on that growth (AND please no BS about how he's "responsible for the current growth," he's barely had
any effect, yet. You'll just expose your economic ignorance). GAO has estimated current tariffs (before they are raised) would reduce GDP by .7%.
Second, their effects are uneven and regressive. Tariffs breed tariffs, but where retaliation will strike the economy is often unpredictable (just ask Iowa soy farmers and Wisconsin dairymen). Moreover, as noted earlier, the hidden "tax" of tariffs hits consumers most, and lower income consumers most of all. High income consumers have flexibility, more resilience, and are often in other "markets" anyway (consumption is a smaller share of their spending). Further, tariff revenue is not a predictable source of government revenue, again for reasons cited earlier - primarily avoidance.
Finally, and this is significant, but only touched on previously, tariffs are not subject to congressional input so can run counter to legislative prerogatives. Indeed, a number of the current tariffs (perhaps all) are likely unsupported by a legal basis.
Steel users file legal challenge to Trump’s tariffs (Financial Times).
