Tariffs, like those imposed by Trump and Biden on Chinese goods, can backfire, with job losses and limited consumer choices as unintended outcomes.
Despite past failures, Biden's new 100% tariff on Chinese EVs aims to safeguard U.S. automakers from cheap competition, potentially boosting the domestic auto industry.
Adam Hersh suggests Biden's tariff approach may enhance competitiveness in the domestic auto industry, but its success hinges on consumer and automaker support for the electric car revolution.
Tariffs are not only an import tax but also a political tool to protect local industries, generate tax revenue, and address perceived unfair trade practices, shaping U.S.-China relations significantly.
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