The first question of ‘The Presidential Debate’ was as to tariffs. No surprise here. Tariffs, once an obscure topic even in international trade classes, is now a leading political issue this campaign season — greatly fostered by Trump. His proposals are for increased tariffs on our allies and even more greatly on China. Who he accuses of eating our lunch and stealing our jobs.

“It has been more than five years since former President Donald J. Trump called himself a “Tariff Man,” but since then, his enthusiasm for tariffs seems only to have grown …. Tariffs could actually backfire on the U.S. economy, by inviting retaliation from foreign governments and raising costs for consumers. Economic research indicates that the cost of tariffs tends to be borne by American businesses and households, rather than foreign companies …. The tariffs Mr. Trump has promised to impose if re-elected dwarf those previous levies. He has floated a blanket tariff of 10 percent to 20 percent on nearly all imports and of 60 percent or more on Chinese goods, as well as a plan to match the tariffs other countries impose on U.S. products on a reciprocal basis ….  Led by Mr. Trump, more Republicans have recently embraced tariffs as a potential source of revenue to finance tax cuts …. Economists have emphasized that tariffs have other drawbacks. The World Trade Organization said that tariffs tended to place the largest burden on low-income households, which spend a greater proportion of their income on traded goods, as well as women and smaller companies, which may be less able to pay the higher costs.” “Trump Embraces Tariffs.” New York Times (Sept/ 11, 2024)