this post was submitted on 02 Feb 2025
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This implies that local availability of competitive products exists, which for the vast majority of things in the US is not the case. So many of our goods are made overseas and imported.
Tariffs are going to raise consumer expenses till one of two things happens: Local production ramps up and provides local goods (at likely a similar or higher price because our wages are higher than overseas) or a political change occurs that results in the removal of the tariffs. Either way US consumers are going to feel the increased cost of goods for the foreseeable future...
Agreed that the typical, more realistic case is what will happen.
I’ve gotten into arguments with other keyboard warriors over this point, so it’s something I mention when tariffs are discussed.