3 ms·
> The US is the world's second biggest manufacturing country, almost on par with China. We have lots of manufacturing -- we just rely on automation instead of p
by hintymad 1y ago
> The US is the world's second biggest manufacturing country, almost on par with China. We have lots of manufacturing -- we just rely on automation instead of people.
On overall market cap, yes. What I'm not sure about are the numbers in key industries. For instance, we rely on China on key pharmaceutical ingredients. Heck, we were even in a crisis of shortage of salient solutions when there was a supply crunch from China. China manufactured more than 90% of the ships in the world. China manufactured many types of low-end chips we use in power supplies, in cars, and etc. The cost of our custom components on airplanes and battleships have been increasing through the roof because we simply can't rely on civil factories to make them cheaply. The list can go on.
- habinero 1y agoIt's fine if the US wanted to encourage onshoring of certain key industries for national security reasons. You do that through strategic investment. Silicon Valley is where it is because of government investment here. You don't do it through sudden high tariffs and angering our other allies. You don't need to be an economist to know it's a terrible idea. You only need to know how tariffs work to understand it's an insanely stupid idea that'll crash our economy and put American businesses into bankruptcy.