“Mr. Trump said that generic-drug manufacturers must move production to America or their products will face a 100% tariff from August 2028. A 200% levy would follow from August 2029.”
All economists and hopefully you as well understand that your standard of living (income) is higher (much higher) because you can specialize in what you are best at and trade for the rest (exploiting “comparative advantage”). If you had to be totally self-sufficient you would be dirt poor.
Unfortunately, Stephen Miller and Donald Trump don’t understand this or is it just that Trump gets such a kick out of throwing his weight around that he doesn’t care??
Author: Warren Coats
I specialize in advising central banks on monetary policy and the development of the capacity to formulate and implement monetary policy. I joined the International Monetary Fund in 1975 from which I retired in 2003 as Assistant Director of the Monetary and Financial Systems Department. While at the IMF I led or participated in missions to the central banks of over twenty countries (including Afghanistan, Bosnia, Croatia, Egypt, Iraq, Israel, Kazakhstan, Kenya, Kosovo, Kyrgystan, Moldova, Serbia, Turkey, West Bank and Gaza Strip, and Zimbabwe) and was seconded as a visiting economist to the Board of Governors of the Federal Reserve System (1979-80), and to the World Bank's World Development Report team in 1989. After retirement from the IMF I was a member of the Board of the Cayman Islands Monetary Authority from 2003-10 and of the editorial board of the Cayman Financial Review from 2010-2017. Prior to joining the IMF I was Assistant Prof of Economics at UVa from 1970-75. I am currently a fellow of Johns Hopkins Krieger School of Arts and Sciences, Institute for Applied Economics, Global Health, and the Study of Business Enterprise. In March 2019 Central Banking Journal awarded me for my “Outstanding Contribution for Capacity Building.” My recent books are One Currency for Bosnia: Creating the Central Bank of Bosnia and Herzegovina; My Travels in the Former Soviet Union; My Travels to Afghanistan; My Travels to Jerusalem; and My Travels to Baghdad. I have a BA in Economics from the UC Berkeley and a PhD in Economics from the University of Chicago. My dissertation committee was chaired by Milton Friedman and included Robert J. Gordon. I live in National Landing Va 22202
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The problem is convicted felon/ignoramus Peter Navarro, not Miller, whose obsession is immigration.
Brian, Thanks for the correction. I couldn’t remember the idiots name.
Basically, Dennis the Menace in the White House doesn’t care. The Congress is to blame for having Sections 301-399 in the statutes at all. Tariffs are invented by politicians as “fetchers” to get not only some votes, but more of their motivation are campaign contributions from lobbyists and (hopefully, only in history …) bribes. The current Executive mania for tariffs is pure ego, “because He can [get away with it].” We can dismiss all of the collectivist “nationalism” about “our” steel mills, “our” factory jobs, and “our” national interest. The correct response to some trade barrier imposed by a foreign government should be to declare total free trade with that government’s captive producers who deliver desired services and goods to American buyers. But somehow people assume it is just a football game, and one must cheer for the “home team.”