this post was submitted on 23 Nov 2024
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United States | News & Politics
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Seems like Trump uses tariffs as some magical thing. The entire idea of tariffs is to raise the price of imports for the purposes of protecting a domestic industry. Practically nothing walmart sells has an equivalent of being made in the US so I have no idea who they'd be protecting here.
Consumers aren't gonna be happy when all their Amazon and Temu no-name made-in-china garbage becomes dramatically more expensive.
The reality is that practically everything consumed in the US is made in China or sources components from China. What the tariffs mean in practice is that input costs are going to go up across the board making everything more expensive. Given that huge numbers of people are already living on subsistence wages, they don't have much room to absorb a sudden cost of living increase.
https://edconway.substack.com/p/globalisation-is-a-far-far-bigger
Wow, that is a startling shift over a relatively short period.