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>The wealthy fat cats that are making money producing their stuff overseas or simply operating as middlemen for overseas manufacturers are going to have a reduc
by sigmar 2y ago
>The wealthy fat cats that are making money producing their stuff overseas or simply operating as middlemen for overseas manufacturers are going to have a reduction of income and profits.
I'd love this to be true, but where is there recent evidence this will happen? When Trump put tariffs on washers in 2018, LG and Samsung (importers of machines) didn't lose profits, their prices went up: https://youtu.be/_-eHOSq3oqI?t=130 https://youtu.be/_-eHOSq3oqI?t=130
- cudgy 2y ago“Imports did decline. Washing machine imports fell by about 33% the first year the tariffs were in effect and stayed below pre-tariff levels through 2022. During that time, Samsung began producing washing machines at a US factory in South Carolina, and LG opened a plant in Tennessee. Whirlpool also increased domestic production and hired more workers. All told, new domestic production may have accounted for between 1,700 and 2,000 new jobs.“ https://finance.yahoo.com/news/higher-prices-extra-jobs-lessons-from-trumps-washing-machine-tariffs-185047360.html https://finance.yahoo.com/news/higher-prices-extra-jobs-less... Prices went up in short term, but imports went down and jobs increased due to manufacturers bringing jobs to the United States. Seems like it worked.