The Bad Policy Both Trump and Biden Like: Tariffs

It’s safe to say Trump and Biden don’t get along.

Unfortunately, there’s one thing they can both agree on: tariffs.

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Both push 100% tariffs on some goods in the name of “protecting American workers.”

But that will hurt more than it helps.

As our new video explains, interfering with trade is a bad thing for everyone.

[dannyturkian]

If you want to protect US businesses, cut regulations so that we can compete.

[recoveringnewyorker]

Speaking as a retired, auto mechanic and assembly line worker (firetrucks and ambulances) I can tell you that many American Auto workers not to mention their management brought these (trade) problems upon themselves. In the early 80s I worked for two US car dealerships. It took on average 2 1/2 hours to correct all that was wrong with those cars from the factory. I was recruited by another dealership that sold three brands of popular Japanese cars. The difference in quality was astonishing. An average of 1/2 hour to prepare those cars for sale. By the way, the same quality standards held for Japanese model cars that were built in the US. Why? I can only speculate, but I suspect it was because those factories were nonunion. When I moved on to the firetruck and ambulance factory, I could not believe the incompetence on the assembly line. I worked with people who could not read on a high school level, could not read a simple tape measure, workers who actually believed that 3/8ths was more than 3/4ths. Workers who couldn’t tell a fine thread screw from a coarse thread screw. When the firetruck or ambulance was finally assembled into a working vehicle, there was an average 150 defects that had to be addressed! When I would see coworkers incompetently doing a job wrong and I tried to advise them differently the response usually was “I don’t give a damn! It ain’t mine!” When I tried to report these quality problems to my superiors their slogan was “Be a problem solver. Not a finger pointer!” I am all for American jobs coming back to the United States. However, considering what I just posted where are we going to find workers with the skills, education, and work ethic we need to compete on a global basis?

[tabuilder]

I usually agree with Stossel, but I'm afraid I have to disagree with him on this. There is no "free market" between China and the rest of the world, especially the US.

[jeffgrant]

Anything the government touches, it ruins.

[iamtheahlenius]

There's a long game to this. Not everything is always about the lowest price to consumers. The more we let China make everything the more dependent we are on them. That's not a good thing.

[superimager]

If countries competed in true free market then I am all for no tariffs. But that doesn’t happen. At least trump wanted the other countries to have tariff reciprocity. If you tax US goods we tax your goods. This pushes toward a free market. If US companies die due to international tariffs eventually all companies will operate overseas.

[charliesschroedinger]

Nine scariest words any American can hear are "I'm from the government and I'm here to help."

[TomGreene]

@4:50 What's wrong with wanting my children to weld and make something instead of waste away in a cubicle?

[jamesengland]

Tariffs are taxes, we the buyers, pay. Those foreign countries do not pay them.

[usssanjacinto]

To the ones who have been paying attention, Biden never did any tariffs. He never did anything that Trump did until a month ago because of election season. He also decided to close the border via EO, which he said for the past several years that he didn't have the power to do. So to say Biden loves tariffs, then you should also say he loves closing the border.

[heidiw]

Prior to the passage of the 16th Amendment in 1913, the United States government funded its operations mainly through excise taxes, tariffs, customs duties and public land sales.

[davidjoly]

Free and open trade is a good thing. But no such thing actually exists in this world. In the US, we have numerous regulations and laws we must deal with, including labor laws. Some countries still use slaves, and look the other way regarding pollution. This isn't a level playing field. It never was. Once manufacturers started moving offshore, it turned into stampede.

The US needs to be less dependent on foreign supply chains. Just think of the economic devistation that will occur if shipping comes to a halt. We got a taste of that during covid. That said, it is true that putting tariffs on imported goods is going to make prices go up. This will be inflationary, because it costs more to do business in the US.

[russtang]

So, monopolies are good for consumers?

What happens when all the other countries using slave labor run all of our manufacturing out of the country? What happens when there's a regime change or a war, and they decide to stop trading with us?

I'm all for free trade. And when other countries like China and Mexico stop using slave labor and ruining their local environment to lower their costs to the bare minimum, we can talk about dropping tariffs. Until then, it puts countries like the US on a level playing field.

[jeffpadilla]

Many other countries don’t have protection for workers, fair pay for workers and any care about polluting the environment so prices are cheap. In America the government regulates everything so companies are forced to look outside the United States.

[TamCloncey]

Im all for free capitalism, but that doesnt work when you're "competing" with the Chinese who manipulate the markwt and prices. Bring manufacturing back to the us, the best way to do that is with tariffs. Make the Chinese crap just as or more expensive as things made here.

[azmike]

We have to remember that politicians are catering to certain groups for their VOTES, not what is best for the country overall in international trade.

[jackson]

Why don't people understand that tariffs are paid by the consumer?

[staylor]

What part of free market uses slave labor? Should our workers compete with concentration camp labor? Should we compete with companies that dump their waate? Trade freely with free countries.

[MarkHerndon]

John no one is against trade however we don't live in one big happy federation now do we? The US needs to be self sufficient in vital areas in case of war. Other nations which don't like us are actively doing whatever they can to harm our macro economy and make us weak.

[markhasenour]

I'm a 5th generation farmer. I produce corn wheat and soybeans. Tariffs are horrible policy and lead to retaliation tariffs from other countries.