The tariffs from 8 years ago were a seemingly rational policy and were largely upheld by the Biden administration.
These tariffs look designed to rapidly eject the US from the global economic order and hand over the reins to China. Though saying they were "designed" at all seems extravagantly generous.
I will be surprised if the dollar retains its status as the world’s reserve currency by the end of this administration.
Another reason why tariffs are upheld is that its very hard to remove them. The moment you add them, you now creates industries and jobs that assume those tariffs existed.
Which is to say, if this ridiculous tariffs goes on for long enough, its going to be there forever. So you guys are, ehem, fucked.
Only on China, the rest were largely removed.
> Only on China, the rest were largely removed.
No they weren't. They were changed to 10%. Prior to all of this the average was 2.5%. So that's not a removal at all, but a rather large average increase even if you exclude the omglol China rate.
> No they weren't. They were changed to 10%
Sadly that’s not even true. We still have excessively high tariffs on many shipments from Mexico and Canada. 25% for non-USMCA goods.
China, Canada, and Mexico are our 3 largest trading partners. The tariffs levied on them have an outsized effect on net tariff rates.
Also suspended is not removed.
I assume there is some kind of divide and conquer going on.