- While tariffs would raise revenue for the US government, that revenue would come at a high cost to the American economy overall.
- Tariffs are redistributive. Some domestic producers benefit but at the expense of other people and businesses in the domestic economy.
- History shows tariffs raise costs and prices and lead to lasting economic harm such as lower production and living standards, whether we keep importing goods or switch to domestic alternatives.
And did the tarriffs work?
Anyone…?
Anyone…?
They did not work, and the United States sank deeper into the great depression.