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제목 The Truth About Tariffs (CFR) 기타 2021-10-13



The Truth About Tariffs

 

 

 

 

 

October 8, 2021

Andrew Chatzky and Anshu Siripurapu

 

 

Introduction

Tariffs have long been used to prop up homegrown industries by inducing citizens to buy goods produced domestically. Since the end of World War II, however, tariffs have largely fallen out of favor in developed economies because they often lead to reduced trade, higher prices for consumers, and retaliation from abroad.

 

President Donald Trump broke with this economic orthodoxy and imposed tariffs on hundreds of billions of dollars worth of imported goods from China and other countries in an effort to combat alleged unfair trade practices, reduce the U.S. trade deficit, and boost domestic manufacturing in the name of national security and U.S. economic competitiveness. President Joe Biden has left these tariffs in place, leading some experts to fear that they will become a permanent part of the U.S. trade landscape.

 

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