If it’s no big deal, why do other countries throw tariffs on our goods? #economics.
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It’s a tax, and countries apply tariffs on products to coddle politically protected industries. Tariffs have been falling globally Since WWII through free trade agreements. One reason our country is the wealthiest in the world is because we have lower tariffs than other countries
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Alex, If that rationale held water every nation would be in a race to zero tariffs.
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Take sugar, for example. We pay twice as much as the world price because we protect a select group of domestic growers. Why? They make enormous campaign contributions to politicians.http://www.aei.org/publication/protectionist-sugar-policy-cost-americans-3-billion-in-2012/ …
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It’s called privatizing profits and socializing losses. It’s lobbying 101
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I'm no economist, but this one doesn't make sense to me Justin. In daily life, I still need more currency coming in than what I send out.
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Put it this way: You walk into Best Buy and fork over $600 for a sweet new 60" LED flatscreen. You now have a trade deficit with Best Buy. Do you feel bamboozled? Of course not. You received something in exchange.
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You're right, but if I buy too many TVs - even at a fair price - I end up getting nasty calls from credit card companies.
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But that isn’t what happens in international trade. You are changing the subject... unintentionally. You are talking about something that’s different.
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How about this:Canada (who subsidizes their freshwater fisheries) is 'fish dumping' into US markets at below market price and driving Michigan commercial fishers out of their historical Chicago and New York markets. Putting them out of business completely. crickets from everybody
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So what? They can only undercut the market by offering a lower price, which benefits EVERY AMERICAN buying the fish. So now all those Americans have more money to use elsewhere. If Canada wants to idiotically cover part of my fish costs, I'm not stopping them. Sorry US fisheries.
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Michigan Great Lakes commercial fishers. I thought Rep Amash would like to speak to the issue. They are his constituency.
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His constituents are also the more numerous consumers of fish. The purpose of production is to satify consumer demand.
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He's economically illiterate and yet R's don't step in to countermand tariffs. They must be afraid of something.
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Something tells me that a international business man worth billions, understands economincs well enough.
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Yeah? I'm thinking you have no clue that the "net inflow of goods" is billions of dollars of production NOT done by American workers. Oh, and
@realDonaldTrump may not understand economics but I'll bet those American filling 3.2 million new Trump-boom jobs don't care. -
There's a phrase in the econ biz: "Self-sufficiency is poverty." You're suffering from the make-work bias.
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We should find different terms for "trade deficit" and "surplus," it is clearly confusing to too many people.
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