Last month, President Donald Trump proudly announced, “Liberation Day! … The day American industry was reborn!”
Reborn because of his tariffs, which he called, “the most beautiful word in the dictionary.”
This is just wrong.
The first time he was president, Trump raised tariffs on steel. That helped American steelmakers. They hired 1,000 more workers. Yippee.
But more American companies make things out of steel. They were hurt. The result: America lost about 75,000 jobs.
Gain a thousand jobs, lose 75,000. Doesn’t sound like “liberation” to me.
Biden didn’t learn the lesson. He increased Trump’s tariffs.
That’s Myth 1: Tariffs protect American jobs.
Myth 2: We need tariffs because America runs trade deficits with other countries.
We do run…
