Is it protectionism to fight for American manufacturing with the same taxes and tariffs our international competitors use against us? When the world walks all over us with an $800 billion trade deficit, what do you call that?
George W. Bush put tariffs on Chinese steel. Barack Obama put tariffs on Chinese steel. Hillary said she would put tariffs on Chinese steel. Why is it so traumatic when President Trump does it?
Economic adviser Peter Navarro said our aluminum industry will be gone in one or two years if we don’t do this and steel isn’t far behind. The President has repeatedly said he is not a protectionist and only seeks fair and reciprocal trade. Whether these tariffs will do that is not clear.
Senate GOP RINOs like Jeff Flake hope to pass a bill to block the President, but Steve Mnuchin says tariffs will happen. Canada and Mexico will likely be exempt.
— FOX Business (@FoxBusiness) March 7, 2018
Some history of the tariff
The main goal of the tariff was money to pay the federal budget. Tariffs were the largest (approaching 95% at times) source of federal revenue until the Federal income tax began after 1913. Since the 1940s, foreign trade policies have focused more on reciprocal tariffs and low tariff rates rather than using tariffs as a significant source of Federal tax revenue[…]
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