oday we’re going to talk about tariffs and the need for a swift U.S. invasion of Canada.
I’ll get to that second part in a moment.
As you’ve likely heard, the United States has imposed tariffs on steel and aluminum imports from a number of countries around the world, including Canada, Mexico and all members of the
European Union.
Before we get to the “Why are we doing this?” question, let’s answer this: What is a tariff?
A tariff is one of those things you have a vague understanding of but can’t fully explain. Every time you hear the word, you nod as if it makes sense and then, in the back of your mind, swear you’re going to Google it next chance you get, but then you get distracted by things more interesting than tariffs, which, if we’re being honest, is a staggeringly large universe of things.
The good news is, for the purposes of this column as well as for life in general, you don’t need a deep understanding of tariffs. Just know this: When our government imposes a tariff on imports from other countries, it costs you more money to buy whatever is being imported, or whatever is made from the stuff being imported.
So while a tariff on steel or aluminum imported from other countries might help domestic makers of steel or aluminum sell more of their products, it will increase what domestic manufacturers that use steel or aluminum pay for materials, and that cost will be passed along to you, the person who doesn’t really want to be burdened with fully understanding the nuances of tariffs.
The return of tariffs, which haven’t been popular since the 1930s, is part of the
Trumpadministration’s “America First!” bumper sticker and hat marketing material, a glossed-up version of protectionism that, if you care to listen to economists or historians or people who understand tariffs, falls somewhere between “incredibly stupid” and “absolutely bound to fail.”
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