Thursday, April 18, 2024
Wrong Message?
President Biden says he is going to raise tariffs on Chinese steel and aluminum to protect American industry and workers. Apparently he hasn't read an economics text book for why this is a bad idea. Yet, his message is favorable to the unions who work in these US plants and they support it wholeheartedly. Who will pay? Consumers, of course, when the charge for raw materials climbs domestically. But, that is far enough off that Biden needn't worry about it now. His message is short-sighted and wrong but popular nonetheless.
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