by Landen Terrell
Mises.org
Recent proponents of tariffs in the United States—including President Donald Trump—can’t seem to decide on the core purpose of their own policy: What exactly are the tariffs supposed to achieve? Their true purpose seemingly depends on who you ask—and which arguments you make against them. Tariffs are effectively being touted as a mystical cure-all for the many ailments supposedly afflicting the American economy.
To some, they are temporary: a bargaining chip meant to bring foreign nations to the negotiating table, with the ultimate goal of lowering tariffs across the board and increasing global free trade.
To others, tariffs are meant to permanently protect or re-shore domestic industries—“correcting” the US trade deficit, preserving American businesses at home and bringing back those that have moved overseas, as well as ensuring reliable supply chains of essential goods in times of crisis and preventing foreign trade partners from restricting this access.