If 2017 was any indication, the United States economy will be in store for a lot of tariffs, levies, and duties on imports in the coming years. President Donald Trump approved tariffs on Canadian softwood lumber and Boeing airplanes, while also affecting China’s aluminium foil and steel.
Now the president is going after imports of solar products and washing machines.
First, Trump applied a 30 percent tariff on solar components, which would go down every five percent for the next four years before being eliminated. Also, the first 2.5 gigawatts of imports each year are exempt.
Second, the first 1.2 million washing machine imports will be hit with a 20 percent tariff. Anything above that figure will be subjected to a 50 percent tariff.
Bad idea.
Not only is it a strike against consumer freedom, it will inevitably lead to price hikes and job losses for Americans.
I am not sure all that many jobs will be lost. I think the main reason for the tariffs is to stop unfair dumping of imports at lower than actual costs. Also, it will be an incentive for manufacturers to produce products in the USA.