Will tariffs make us all poor?
UPDATE 09/23/2024
Both of the hopeful presidential frontrunners are pro-tariff. Trump placed tariffs on many Chinese goods during his 4 years and the Biden government hasn’t reduced them but has increased them, There is now a 100% tariff on Chinese-made EV. Canada has also increased tariffs on Chinese EV to 100% (effective October 2024). As tariffs are inflationary, and, as I expect, tariffs will only motivate domestic producers to increase the cost of their products, are tariffs inflationary rather than protective?
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In the 2nd link, I ask if increased stress on employers to offer employees higher wages to help deal with the higher costs associated with increased tariffs will also be inflationary as those costs have to be passed onto the end-user or may result in layoffs. Who pays the price in the end?