As the 2024 election approaches, Donald Trump's proposed tariffs have sparked heated debates. Critics like Kamala Harris and Joseph Stiglitz argue that these tariffs unfairly tax the American public and risk raising prices without improving the economy. Yet, the article points out that tariffs can serve as an effective economic policy to protect domestic industries. Notably, Joe Biden raised notable tariffs on Chinese electric vehicles during his term, illustrating that tariffs might still have a strategic role under certain conditions.
Tariffs are, simply put, taxes on certain imported goods, paid by the importer. The goal is to make foreign products more expensive than their Made-In-USA counterparts.
Despite what elite economists say, tariffs can be sound, and progressive, economic policy. In fact, liberals might be surprised to learn that during his administration Joe Biden actually raised the highest tariffs in recent American history.
Observers aren't wrong to criticize the US president's policies. His proposed tariffs seem unlikely to improve what ails the US economy and risk raising prices.
Kamala Harris called Trump's policies a tax on the American people and warned of sky-high prices, echoing concerns by noted economists like Joseph Stiglitz.
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