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Also, you can't do it across the economy all at once. If you really wanted to build up domestic manufacturing, you'd pick a few small sectors that are either al
by terribleperson 2y ago
Also, you can't do it across the economy all at once. If you really wanted to build up domestic manufacturing, you'd pick a few small sectors that are either almost in the wheelhouse of existing domestic producers or simple enough that that production capability can be realistically developed from scratch in a few years, and then you tariff just those sectors while providing the aforementioned investment. Once you've gotten the results you're looking for, you expand to other sectors.
You don't do it to the whole economy at once because the negative economic effects of the tariffs will impede the very development you're hoping for, and because there's just not enough free labor, expertise, and funding to simultaneously develop domestic production of everything.