A Quote by David Autor
Manufacturing value chains are global. Many U.S.-made goods have foreign components. Slapping on tariffs will raise prices and slow imports, but it will make us poorer and impede growth.
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What [Donald] has put up for question is this idea of tariffs. Initially, he said if China won't stop taking advantage of us and manipulating their currency, then I will put tariffs in place. That spooked everybody because if you charge China a fee and an extra tariff for anything they bring into the United States, what's going to happen is that companies carrying those goods are going to raise prices. It's going to be expensive for people. People got scared of that, but then he walked that [idea] back. I don't think anybody is expecting heavy tariffs on anything.
If a trade deficit is determined solely by rates of savings and investment, then the U.S. trade deficit will be impervious to a get-tough trade policy. Slapping higher tariffs on imports will only deprive foreigners of the dollars they would have earned by selling in the U.S. market.
In almost every case, whenever a tariff or quota is imposed on imports, that tax is strongly supported by the domestic industry getting the protective shield from lower-priced foreign competition. The sugar industry supports sugar tariffs; textile mills lobby for tariffs on foreign clothing.
If oil prices will go too high, it will slow down the world economy and would trigger a global recession.
[F]or women, like tradesmen, draw in the injudicious to buy their goods by the high value they themselves set upon them.... They endeavor strongly to fix in the minds of their enamoratos their own high value, and then contrive as much as possible to make them believe that they have so many purchasers at hand that the goods--if they do not make haste--will all be gone.
It does the American economy no long-term good to only keep the big box factories where we are now assembling 'American' products that are composed primarily of foreign components. We need to manufacture those components in a robust domestic supply chain that will spur job and wage growth.
I asked one retailer, I said, "Let me ask you, are you going to raise prices next year?" They looked at me and said, "Not only are we not going to raise prices, we're going to have to lower prices, increase the quality of the goods, and turn the inventory quicker."
We had a level of tariffs of about five per cent. Now a lot of those will go, most of them will go over time, some of them immediately. Now that means that electronic goods and other things, white goods, coming into Australia, will be cheaper for our community. It also means in many cases that the inputs used by our high-end manufacturers to make a final product are also coming in cheaper than they otherwise would - so it makes those manufacturers more competitive.
If you see a market that has slow and steady growth long enough, you'll start to front-run it, and that slow and steady growth will start turning into steeper growth, and that will accelerate the process.
As the global expansion of Indian and Chinese restaurants suggests, xenophobia is directed against foreign people, not foreign cultural imports.
The EU has made it very clear that for frictionless trade and no tariffs on goods there is a mechanism for achieving that, but there are consequences. There are trade-offs that will have to happen.
You cannot artificially curb gold imports beyond a point. But I am hopeful it will happen because the rupee depreciation should by itself lead to a large growth in exports and some compression of imports.
Clearly, there needs to be an increase in the capacity of the railway system. That's why there are these projections of increasing the capacity to carry freight on the railways by 30% over the next five years or so, because the volume of goods moved up and down, imports, exports, and within the country, has grown much larger than the capacity. And this is part of the higher costs to business, because charges, for instance, at the ports become too high and they put up the prices of these goods, whether they are imports or exports. You want to reduce that.
A nation with a strong defence industry will not only be more secure. It will also reap rich economic benefits - it can boost investment, expand manufacturing, support enterprise, raise the technology level and increase economic growth in the country.
Globalization and free trade do spur economic growth, and they lead to lower prices on many goods.
One thinks that one is winning when we slap tariffs or introduce barriers to imports from another country, and we think we win. But you lose when you export because the other countries are going to raise tariffs as well. They're going to introduce barriers as well. So you win with one hand and you lose with the other.
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