The Case Against Tariffs

The subject of tariffs crosses both the realms of political and economics. International news is recently consumed by this subject.

 USS President Donald Trump has used tariffs to further his political agenda but recent data from The Economist unequivocally shows that this policy is hurting   both the US and the international economy and system of trade, a system developed over centuries, and while tariffs were

used by both Greeks  and Romans against the other.

Tarriffs do economic damage both domestically and internationally; indeed, the world order becomes so unbalanced by them recent events show that they can tragically result in the use of armed force sowing seeds of distrust. Tariffs date back to both Greek and Roman times as well as Medieval Europe  as a means to protect domestic industries and financially punish foreign competition.

Economic data from The Economist shows that those costs born by foreign countries are born by domestic consumers as foreign industry ‘s response to tariffs is to increase prices for their goods and services; surely an economic backfire.  

Tariffs do not work and only cause a decline in living stan

dards through higher prices.

Figure 1: the Nobel Laureate from the University of Chicago, Milton Friedmann

and author of “Free to Choose”

Figure 2: Adam Smith, the author of “The Wealth of Nations.

A seminal work on free market liberal economics.

Bibliography

“The Wealth of Nations”- Adam Smith, 1776

“Free to Choose, Milton Friedman, 1980

Wikipedia