Although in Don Tortorice’s recent comment on President Trump’s tariffs he says “tariffs fail to work as intended,” I will concede he is partially right, but certainly does not give enough credit to the impact of tariffs on other countries.
Our president has a tendency to overstate issues and embellish numbers and in general make things sound better than they are. I think we all get that. Without a doubt, some of the tariffs have raised prices for consumers and cost farmers business.
But from the concept of a long term strategy, they will eventually benefit most if not all of the American people. President Trump is trying to change the behavior of the Chinese for the last three administrations, including Obama and Bush. We have done nothing while they have pirated our intellectual property, made forced transfer of our technology, and taken industrial spying to a new level.
Companies are moving production from China to tariff-free countries. Some manufacturing is actually moving back to the United States, so don’t tell me that tariffs aren’t working. It was only two years ago that Paul Krugman (famous economist and NYT columnist) tweeted “Nothing Policy can do will bring back those jobs.” Since January 2017 there have been 396,000 manufacturing jobs created under the Trump administration, which was 10 times as many as the last 21 months of the Obama administration.
No, the Chinese are not going to pay the tariff bill, but they are getting a lot closer to an agreement, and without one they are going to suffer the consequences in the future, not us.
Larry Townsend, Pinehurst