John Hinderaker: On Tariffs, Hold the Hysteria

[TomSea]

On Tariffs, Hold the Hysteria
Posted on March 3, 2018 by John Hinderaker

President Trump said last week that he intends to use powers granted him by Congress to impose import duties on steel and aluminum. That was all it took for the press to become free traders. Gloom and doom are everywhere, as reporters gleefully tell us how our trading partners are planning to retaliate and how Trump’s tariffs will damage the economy. I don’t recall a similar reaction when it was Democrats who were the leading protectionists.

I am anti-protectionism, but I am also anti-hysteria. It’s not as though tariffs are an unknown phenomenon. As many have pointed out, President George W. Bush imposed tariffs of up to 30% on steel in 2002. They remained in effect for more than a year. And Ronald Reagan restricted imports of steel in 1984, and later imposed a 100% tariff on some Japanese electronic products. Somehow the republic survived.

Read more at: http://www.powerlineblog.com/archives/2018/03/on-tariffs-hold-the-hysteria.php

[goatprairie]

Yes, that's right....George W. Bush imposed tariffs on steel. About a year later his admin rescinded them because they proved disastrous for other Americans.
Apparently, Trump doesn't know recent history. There's not one reputable economist who is for tariffs. Not even one of Trump's biggest economic boosters Larry Kudlow who is solidly behind virtually everything Trump has done so far in economic matters.