March 2010 April 2010 May 2010 June 2010 July 2010
August 2010
September 2010 October 2010
November 2010
December 2010
January 2011
February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011 September 2011 October 2011 November 2011 December 2011 January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 July 2016 August 2016 September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 February 2024 March 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
29
30
31
News Every Day |

How to boost the U.S. economy – beyond consumer spending

5
WND
(Image by bernswaelz from Pixabay)

(Image by bernswaelz from Pixabay)

WND is now on Trump's Truth Social! Follow us @WNDNews

We all know that we can encourage buying American through our purchases of American products, but how can we encourage it beyond that?

The answer? Tariffs on imports. Why? Because they not only make American-made products more price competitive but also provide much-needed revenue to fund things essential to every American: our military and national defense, Social Security, fire and police protection, Medicare, roads & bridges, public schools & hospitals.

I'm not suggesting support for any political party or president. Biden has largely continued the Trump tariffs with a few exceptions and even doubled tariffs (temporarily) on Canadian lumber.

According to Politifact.org, U.S. manufacturing gains under Trump's tariffs before the pandemic totaled 450,000 (237,000 were lost after the pandemic). According to Bloomberg Businessweek, the continued (mostly) Trump tariffs under Biden brought back 67,000 manufacturing jobs lost due to the pandemic – even with higher inflation.

There are many myths surrounding the impact (or lack thereof) of tariffs, which need to be debunked if we are to maximize our ability to bolster the Buy American cause.

The first myth is that many consumers think they must always pay for the tariffs on the imported products they buy – which we shouldn't be buying anyway. However, this thinking doesn't line up with the facts.

General Motors didn't raise the sticker price of its imported Buick after 25% tariffs were imposed on China in 2018. GM was saving enough money using cheaper labor in China to build the automobile and could easily absorb the tariff.

As detailed in the Wall Street Journal in November 2018, BorgWarner Inc., which primarily sells parts to automakers, expected tariff and inflation costs of $20 million but absorbed 100 percent of the costs.

The second myth is that if we raise tariffs, other countries will retaliate and raise their own tariffs, and then we all lose, so what's the point? The truth is that some countries retaliate, and some don't. America is strong enough to always to do the right things for the right reasons and accept the consequences.

Let's look at potential retaliation this way. Let's say you're a parent with two daughters who attend the same school, and some kid starts bullying one of them (let's call her Ally). She comes home…really upset… and asks you to help her. Would any parent ever say, "Hey, I'm sorry, Ally, but I won't because if I stand up for you, the bully might retaliate by taking it out on your sister next. So, I'm sorry, Ally, but you're on your own. You'll have to make do."

It's the same with tariff retaliation. If we don't stand up for our country with tariffs, countries like China will continue to push us around and call all the shots. And we'll continue to do nothing and suffer the consequences as a result…just like poor little Ally at school.

A third myth is that if the U.S. raises tariffs on imports from cheap labor countries, manufacturing will just move to a different one, resembling a game of Whack-a-mole, so what's the point? Well, here's the point. Should the police stop rooting out drugs, gangs, and crime in bad neighborhoods if they think it will just move to another area, resembling the same game of Whack-a-mole? Of course not.

Because of the tariffs we put on China in 2018, which make our American-made products more competitive, six percent of those jobs returned to the United States. It didn't seem to matter if the manufacturing cost in America was higher.

This brings me to myth four – tariffs always make imports more expensive. After a brief spike in prices, the 2018 prices on steel and aluminum were lower than before the tariffs. In the meantime, previously closed domestic mills re-opened, and our trade deficit decreased due to fewer imports. On April 5, 2018, The Wall Street Journal published an article entitled Despite New Tariffs, Aluminum Is Actually Cheaper.

Tariffs have another Buy American benefit few realize. U.S. import tariffs also make domestic producers more competitive where consumers have no choice between buying American-made or foreign-made products.

An April 22, 2022 Businessweek article detailed how Mexican restaurant chain Chipotle was considering sourcing more packaging domestically as freight costs continue to soar, especially for imported goods.

What about the aluminum foil used by chocolate and other candy wrappings, yogurt, medicine containers, takeout trays, and other food containers (restaurant, retail, and wholesale)? Tariffs on imports can convince them to consider sourcing from America.

Tariffs were the original builder of our country's Buy American policy. The first major bill George Washington signed after approving the Great Seal of the United States was a five percent tariff on imports for the encouragement and protection of manufacturing in America.

Abraham Lincoln famously said, If we purchase a ton of steel rails from England for twenty dollars, then we have the rails and England the money. But if we buy a ton of steel rails from an American for twenty-five dollars, then America has the rails and the money both.

Honest Abe also said The tariff is the cheaper system...while by the direct tax system, the land must be literally covered with assessors and collectors, going forth like swarms of Egyptian locusts...

With the direct tax system, American citizens will be taxed precisely one dollar if our government wants to raise one dollar of revenue. Tariffs are an indirect tax, allowing the United States to often collect revenue without taxing American citizens, just like we did in the example of the imported Buick from China. In fact, from 1789 to the Civil War in 1914, the U.S. tariffs on imports provided 50 percent to 85 percent of all revenue required to run the federal government. It sure beats direct taxes on Americans that Abe Lincoln told us to avoid.

George Washington, Thomas Jefferson, Abraham Lincoln, and Theodore Roosevelt, whose faces are on Mt. Rushmore, supported both high tariffs and Buy American policies. We should do the same.

About Roger Simmermaker

Roger Simmermaker has written multiple books on buying American and trade policy since 1996, and has been a frequent guest on Fox News, Fox Business Network, CNN, and MSNBC. Roger has also been quoted or featured in The Wall Street Journal, USA Today, BusinessWeek, and The New York Times, among many other publications. His new book " UNCONSTITUTIONAL: Our Founding Fathers Rejected FREE TRADE And So Should We," was printed in January 2020.


EDITOR’S NOTE: With what has been called the “Sovietization” of the Biden administration – including the shocking criminalization of dissent and massive weaponization of the FBI against political opponents – America is being increasingly compared to a third-world or communist dictatorship. Yet America still has one sacred institution that dictatorships from Zimbabwe to communist China don’t have: ELECTIONS. And in reality, there is no reason, despite the regime’s all-out efforts at election rigging, that the tens of millions of decent, right-thinking American voters cannot stop the Biden administration’s ever-expanding madness this November. For that reason, the September issue of WND’s critically acclaimed monthly Whistleblower magazine insightfully covers the most electrifying and important races, illuminates the biggest issues, reveals how the latest federal takeover of elections actually violates the law, and much more. Looking forward to 2024, the issue also highlights why, to quote the chairman of a major think tank, Donald Trump “is the most towering political figure in living memory” and the person “most fit to lead” today’s America. It’s all in “STOPPING THE MADNESS: A MIDTERM ELECTION GUIDE FOR VOTERS WHO LOVE AMERICA.”


For 25 years, WND has boldly brought you the news that really matters. If you appreciate our Christian journalists and their uniquely truthful reporting and analysis, please help us by becoming a WND Insider!


Content created by the WND News Center is available for re-publication without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@wndnewscenter.org.

SUPPORT TRUTHFUL JOURNALISM. MAKE A DONATION TO THE NONPROFIT WND NEWS CENTER. THANK YOU!

The post How to boost the U.S. economy – beyond consumer spending appeared first on WND.

Москва

Собянин назвал важнейшие проекты социальной поддержки москвичей

The 10 Intense New Action Movies on Netflix That Left Me on the Edge of My Seat!

Top 10 Emmanuelle Seigner Movies

I was diagnosed with cancer aged 39… you are never too rich, too famous or too young, says Dr Philippa Kaye

Top 10 Love Affair Movies of the 2000s and 2010s

Ria.city






Read also

‘This tactic is not fair to customers’: Woman says gas stations are getting rid of price tags on drinks

Arsen Goulamirian vs. Gilberto Ramirez: Date, time, how to watch, background

'Trump tax': MSNBC host Chris Hayes shows how Trump winning would increase costs

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

I was diagnosed with cancer aged 39… you are never too rich, too famous or too young, says Dr Philippa Kaye

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

I was diagnosed with cancer aged 39… you are never too rich, too famous or too young, says Dr Philippa Kaye



Sports today


Новости тенниса
Большой шлем

Эшли Барти посетила третий этап Формулы-1 в Австралии



Спорт в России и мире
Москва

Ставропольский гандбольный клуб «Виктора» в Москве уступили армейцам



All sports news today





Sports in Russia today

Москва

В хоккейном ЦСКА сменился главный тренер


Новости России

Game News

Cyberpunk 2077 станет временно бесплатной для PlayStation и Xbox


Russian.city


Москва

Песков опроверг блокировку Telegram в России


Губернаторы России
Владимир Потанин

Выпуск ЦФА на платформе «Атомайз» поможет снизить нагрузку на экологию


Андрей Бочкарев: Более 40 расселенных домов снесли по реновации с начала года

Шапки женские вязаные на Wildberries, 2024 — новый цвет от 392 руб. (модель 466)

Шапки женские на Wildberries — скидки от 398 руб. (на новые оттенки)

Metaratings: "Спартак" может уволить Абаскаля по ходу сезона, клуб ищет тренера


На Моргенштерна завели три новых дела

Амигуруми: как связать Фредди Меркьюри крючком (узор и схема)

Ансамбль из Лобни победил на Всероссийском конкурсе «Танец. Мысль. Время»

Эксперты КА «Главный Советник» приняли участие в форуме «Тренды и антитренды корпоративного видео сегодня»


Теннисист Медведев вышел в полуфинал турнира в Майами, обыграв Харри

Хачанов: хочу вернуться в топ-10 ATP

«Бомж» Дарья передает всем привет»: Касаткина ответила на слова Винер

Россиянка покинула WTA-1000 из-за проблем со здоровьем



Заказать недорогой ремонт кухонной мебели в районе в Москве и Московской области

Эксперты КА «Главный Советник» приняли участие в форуме «Тренды и антитренды корпоративного видео сегодня»

Выпуск ЦФА на платформе «Атомайз» поможет снизить нагрузку на экологию

Всем по местам: в России назвали топ благополучных регионов


Федеральный девелопер: ЦФА позволят легко и просто накопить квадратные метры и "обернуть" их в квартиру

Всем по местам: в России назвали топ благополучных регионов

ДИРЕКТОР БРХК ВЛАДИМИР КОЖЕВНИКОВ ПРОВЁЛ "КЛАССНУЮ ВСТРЕЧУ" ДВИЖЕНИЯ ПЕРВЫХ

Консультации, Составление Договоров, Присутствие Продюсера при заключении договоров и переговорах. Лекции. Переговоры. Встречи и Обсуждения.


Песков опроверг блокировку Telegram в России

Тема дня: Поступления ненефтегазовых доходов в консолидированный бюджет выросли в 2023 году на 16%

Рафик Загрутдинов: Два жилых корпуса на 609 квартир введут в следующем году по реновации в Северном Измайлове

Неизвестные на Mersedes пристали к москвичке и спровоцировали массовую драку



Путин в России и мире






Персональные новости Russian.city
Linkin Park

Умники, Linkin Park, поэты. 13 идей, куда сходить на этой неделе в Барнауле



News Every Day

I was diagnosed with cancer aged 39… you are never too rich, too famous or too young, says Dr Philippa Kaye




Friends of Today24

Музыкальные новости

Персональные новости