My Bill Would Help Restore Congressional Authority On Tariffs

Sen. Mike Lee, Daily Signal

If you work in manufacturing, your job was just put at risk.

Last week, President Donald Trump signed an order imposing a 10 percent tariff on aluminum imports and a 25 percent tariff on steel imports.

The official rationale behind the tariffs is that a reduction of skilled smelters in the United States threatens national security. Supposedly, we don’t have the requisite domestic steel and aluminum production capacity to build the weapons of war needed to defend the country.

Never mind the fact the Pentagon currently uses just 3 percent of our domestic steel output and 5 percent of our domestic aluminum output.

The real reason Trump announced higher tariffs on Thursday is that he wants to protect American jobs. This is a worthy goal. Unfortunately, since tariffs work just the same as tax hikes, and tax hikes kill jobs, Trump’s tariffs will almost certainly backfire.

As we’ve seen throughout history, imposing protectionist tariffs such as these often have crippling, unforeseen results. If you raise tariffs on a product, the increased cost will get passed on to consumers. These tax hikes will hit loggers in the northwest, farmers in the plain states, and my own constituents in Utah.

Read full article

You May Also Like:

Trump, Tariffs And The Protectionist Temptation Phil Gramm and Mike Solon, The Wall Street Journal

Trump Approves $1.3 Trillion Budget, Averts Govt Shutdown Jason Devaney, Newsmax

John Bolton Is The National Security Advisor Trump Has Been Waiting For Paul Bonicelli, The Federalist

Facebook Flap -- Don't Overreact With Regulation That Will Destroy Social Media Innovation John Fund, Fox News

Is California Governor Jerry Brown Mentally Ill? Lloyd Marcus, American Thinker

Utah Just Legalized “Free-Range” Parenting [Watch] Elise Solé, Yahoo News

Obama Harvested Data From Facebook And Bragged About It. Why Are We Only Freaking Out About This Now? Declan McCullagh, Reason

Roseanne Defends Supporting Trump To Jimmy Kimmel: 'You All Went So F***ing Far Out’ [Watch] Tre Goins-Phillips, Independent Journal Review

Gun Control Activist David Hogg Draws The Line At Backpack Control John Sexton, Hot Air

Citibank Explains Their Plan To Curtail Second Amendment Rights Kemberlee Kaye, Legal Insurrection

Not A Joke: Congress Is About To Give Itself A Bonus Benjamin Arie, Conservative Tribune

Steven Pinker On Enlightenment, Our Complex Democracy, And Hope For Humanity [Watch] Rubin Report

Obama-Era Regulations Are Ruining Our Merit-Based Immigration System. Here's How To Fix It Ron Paul, Fox News

Even Protectionists Agree That Tariffs Will Make Us Poorer Colin Grabow, Foundation for Economic Education

National Debt, A War between Current And Future Generations? James R. Rogers, Library of Law and Liberty

For More go to the Home Page >>>

Join Our Email List



FreeMarket Central

Some titles recent, all recommended -

Special Video Feature

FreeMarket Central

Voices From The 2017 International Students For Liberty Conference


In Search Of History

The Reagan Tax Cuts Worked

Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).


-- Daniel J. Mitchell,

Shadow Stats Snapshot

FreeMarket Central

ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    FreeMarket Central BLS: 4.14%
    FreeMarket Central Shadow Stats: 21.8%
  • Inflation:
    FreeMarket Central February Year-to-Year: 1.8% (CPI-U*)
    FreeMarket Central Shadow Stats: 9.9%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]