this post was submitted on 01 May 2025
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Tariffs are important to emerging markets as they allow for growth of domestic production. Generally they are a part of a phased liberalization strategy to promote local growth and then tariffs are eased to allow foreign corporations to enter the market so that there is adequate competition.
Not much of a precedent for the richest country on earth to use them. America lost quite a bit of manufacturing to China so some degree of protectionism directed that way could be a reasonable strategy but a global tariff instituted by a wealthy nation is essentially pants on head stupid, which is what I believe you're pointing out.
America's problems are largely internal inequality. Trying to punish the world won't fix that.
In theory they can be good for emerging domestic markets, but ever since global trade has been established centuries ago, it has never actually resulting in a net gain for the country/region/kingdom/empire that imposes any sort of self-paying tax on imported goods.
The self-paying tax part is the important part here.
Agree that it doesn't exactly cause a net gain in these markets since it can be so hard to know when to let your foot off the brake but it certainly has been a tool for protecting certain markets from Western hegemony, which would be modern day colonialism by some standards.