Comment by robertlagrant
17 days ago
> Likewise, it should be apparent to anyone with a cursory understanding of economics
Can you explain why countries have tariffs if tariffs are bad for their economies as a general principle? I'm assuming you're not the standard sort who thinks Trump invented tariffs.
To protect local industries which create higher prices. Smaller countries do this to protect jobs from economies of scale but pay a price and have a lower standard of living.
> Can you explain why countries have tariffs if tariffs are bad for their economies as a general principle?
Primarily special interest groups. e.g. You have a hundred people, everyone loses 1% of their salary due to tariffs, but one person retains 90% of the tariffs and the remaining 10% is lost. The net result is negative, most people don't care much about the 1%, but the one winner is vociferously against losing his entire income.
Because people largely believe what they want to believe, and people are flawed, especially politicians. Is that sufficient or do I need to go into detail?
Trump didn’t invent tariffs nor did he invent being an idiotic leader enacting policies that hurt his country.