On Monday, the president imposed hefty tariffs—taxes, that is—on imported washing machines and solar panels. They will be set at a minimum of 20 percent and a maximum of 50 percent on washers and at 30 percent on solar equipment. Rest assured, writes Steve Chapman, these duties will boost prices accordingly.
That’s not a minor side effect; it’s the central purpose, Chapman notes. By pushing up prices, the Trump administration hopes to make it easier for companies in the United States to compete with overseas firms while also charging more than before. The president, whose ignorance of economics is bottomless, has the idea that punishment of foreign producers is the key to our prosperity.
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