Comments by "DrScopeify" (@drscopeify) on "CNBC Television"
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The problem with tariffs is that it raises the price on every America for every single item you buy that is imported and yet most of the goods you buy CANNOT be made in the USA due to the high cost of manpower, if you were to see the price of an American made product you simply WOULD NOT BUY IT. Do you own only Snap On tools in your home? When you need to repair your car do you only buy OEM parts from the dealer?? No it would too much. Tariffs will make it so every American can buy less = fall in quality of life.
I am 100% for American made goods and I do think we need Tariffs on what China makes that competes with American made goods but not a TOTAL FLAT OUT Tariff on everything, even for things we do not make here, that will just lower our quality of life. Tariffs need to be strategic and selective not flat out on everything.
Last thing, when we import goods made in other countries we send INFLATION abroad, we reduce our inflation, but if we import less and make more stuff in the USA we will 1000000% deal with higher inflation for longer, much much higher for much much longer, and so we will all suffer from the damage of higher inflation. This is why Ronald Regan opened up the USA to the world market, it lost American industry but finally ended 30 years of inflation trap and sent us in to the best years of the USA 1990s - When you buy some item made in another country you send them our inflation and excess money supply = lower inflation. Now it is true that inflation was too low from 2008 to 2018 that is when we SHOULD have raised tariffs to raise inflation. But now with 2% inflation long-term outlook, it's not that time.
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@tommygravel5653 Trump has no idea how they work - American companies assemble cars in the USA but the parts, the electronics, wiring, engine and transmission parts, batteries, they are NOT made here, they are all imported and we can't just start making them here out of the blue. It takes many many years to develop parts and some cannot be made here as the cost of manpower is too expensive like electric wiring and electronics modules are way too expensive to make here so you end up doing what? Creating a shortage of supply = inflation. Not just new cars but existing used cars will no longer be repairable without the parts so they will explode in price as well and no one wins from higher prices. The economy slows down, people in the trade are kicked out, fewer people get to own and drive cars so their life is disrupted and all for what? Becasue the trade balance is negative? We in the USA print money, and hand it to other countries for resources and goods. Printing green paper is free, endless, but the hard work of people and limited supply of resources pulled out of the ground is priceless. A trade deficit is win-win. We buy stuff from around the world for just giving them paper for it. We win. Why ruin it?
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