When there’s enough competition, tariffs shouldn’t matter. For example, if refrigerators are made domestically and also imported from Europe, Japan, Canada, Mexico, and Korea — setting a tariff on say Chinese refrigerators shouldn’t do anything to the consumer. The problem is everyone has sold all their manufacturing to Chinese companies.
When there’s enough competition, tariffs shouldn’t matter. For example, if refrigerators are made domestically and also imported from Europe, Japan, Canada, Mexico, and Korea — setting a tariff on say Chinese refrigerators shouldn’t do anything to the consumer. The problem is everyone has sold all their manufacturing to Chinese companies.
That’s like half the truth. In countries where they don’t treat workers like slaves, the labor costs are larger and the end product costs more.
If you treat your workers as a disposable commodity, it’s much cheaper to make stuff.