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Reply to "Trump tariffs: ruin U.S. economy until 2040"
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[quote=Anonymous][quote=Anonymous]What Trump is doing has been supported since at least 1776. In The Wealth of Nations, Adam Smith wrote in support of tariffs to get other countries to drop their tariffs.[/quote] That isn't what is happening here. In a global economy, which didn't exist in Adam smith's time, there are alternatives to just about any product available. The tariff wars of the late 1800's cause a depression. Smoot-Hawley extended the Great Depression. After WW2, tariffs have been very targeted to specific industry or products. What Trump is doing is a blanket tariff, which is nothing but a tax increase on consumers, which hits the middle and lower classes the hardest.[/quote]
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