[This article has been published in Restoring America to consider whether tariffs have strengthened America’s standing abroad and our economy at home.]
The Biden administration is reviewing the first set of tariffs placed on imports from China. On Wednesday, the US-PRC goods trade deficit was reported as the highest ever for the first quarter: $100 billion. Whoops. Tariffs haven’t narrowed the deficit, or caused Beijing to respect intellectual property. Despite the Chinese government saying otherwise, tariffs don’t cause U.S. inflation. They basically don’t matter and survive because the Biden administration has been unable to take actions that do matter.
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