Posted 1 year ago on March 9, 2018, 3:45 p.m. EST by agkaiser
from Fredericksburg, TX
This content is user submitted and not an official statement
If balanced, both trading partners seek and find increased demand for their products because of expanded markets. There may be some short term reductions. but most consumers will ultimately see decreased supply and higher prices, even though demand has remained level or decreased on both sides, due to less surplus income on both sides. If trade is not balanced then only the consumers in the country of lower exports sees job and income loss.
Investors, traders, administrators and politicians [in and out the revolving door between government and industry] suck up the increase in profits. Few others of us benefit. It might make sense to have no foreign trade and make America independent again. That would be great for most people. But most people will continue to suffer from elite parasitism, because tariffs won't make America independent or great.
Tariffs will make the prices higher and there's no guarantee we'll reduce our dependence on foreign goods. Some US steel consumers, like the oil industry, say it will cost them jobs [because] the US producers can't supply their needs.(1)(2) So should short term gain rule or would it be better to experience some discomfort now to unravel some of our dependence on foreign powers, by developing our own resources.
(1) “... The U.S. can expect to lose between one and 1.5 oil and gas jobs for every single steel or aluminum job saved by the tariffs ... Implementing tariffs on specialty steel and aluminum, which many U.S. steel-makers do not supply in the quantities and timelines needed for projects, could harm America’s energy renaissance and jobs ...”
(2) "... Most important is the bigger economy-wide picture: The Chamber of Commerce and other groups have calculated that the loss of jobs in steel- and aluminum-using industries will far outnumber the new hiring of steel and aluminum workers. ..."