by By pledging to boost the American economy and regain its worldwide leadership over rivals, President Trump was able to win two terms in office. He returned to his favorite tool this week, giving out tariff threats like a blackjack dealer who is certain that the house always wins.
Trump declared yesterday on his social media platform that tariffs are making our country booming and that it is the hottest place in the world.
However, analysts and business leaders caution that Trump’s radical economic and national reforms could backfire and make the US less competitive internationally.
One tenet of Trump’s industrial policy is the tariffs. Tonight, I’ll examine one factor along with two others and discuss why some analysts worry that six months of Trumponomics may hinder innovation, a vital component of American competitiveness.
Tariffs
Presidents who seek to reinforce or revive domestic sectors have historically used trade restrictions like tariffs, which can support both economic and national security goals. Tariffs have the potential to boost national competitiveness, but there are hazards involved, according to Robert Atkinson, president of the Information Technology and Innovation Foundation.
While other nations trade freely with one another, tariffs have the power to block access to the American market. Additionally, they have the power to increase the cost of the goods that American businesses import to manufacture their goods, making them pay higher rates than their overseas rivals.
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