07/11/2018

Trump's Zero-Tariff Solution

Townhall, Townhall

President Donald Trump's aluminum and steel tariff policies have now triggered retaliatory tariffs from other nations, including Canada, the EU and China.

Last week President Trump imposed new tariffs on more than $30 billion of Chinese electronic equipment and other consumer goods. Our trading partners are now threatening to hit our domestic industries, including wheat, soybeans, pork, bourbon, blue jeans -- and even Maine lobsters. The financial markets are jittery, to say the least.

Even worse, China's tit-for-tat tariffs are now intentionally designed to antagonize Trump voters in Midwestern and Southern states. They are using tariffs as a political weapon. It's funny that the left doesn't seem to protest this blatant and dangerous foreign meddling in U.S. elections. They even seem to applaud this election interference by a hostile foreign power because Trump is the target.

In any case, the goal of these foreign-imposed tariffs aimed at the U.S. is to inflict maximum economic pain on American producers in order to force Trump to retreat.

Retreating isn't an option for Trump -- never has been and never will be. So this is a game Beijing can't win. For Trump to score a decisive victory, he will need to reclaim the moral high ground in this fight.

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In Search Of History

4,000 Years Of Price Control

Tablets, said to be 200 years older than the Babylonian Code of Hammurabi ... show that the ancient kingdom of Eshnunna had wage control and price control. The news ought not to have come as a surprise. For the code of Hammurabi itself (unearthed in 1902), which was promulgated earlier than 2000 B.C., fixed prices, wages, interest rates, and fees. This makes price control at least about 4,000 years old. ...

 

Ironically, it is those who now wish to return to this ancient totalitarian device who are fondest of calling themselves “progressives.” They are also fond of saying that those who believe in economic liberty “are living in the nineteenth century.” These controlists have yet to learn that they themselves are still living, as the discoveries in Babylonia attest, in the nineteenth century—B.C.!

-- Henry Hazlitt,

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  • Unemployment:
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    FreeMarket Central Shadow Stats: 21.5%
  • Inflation:
    FreeMarket Central August Year-to-Year: 2.87% (CPI-U*)
    FreeMarket Central Shadow Stats: 9.9%

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

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