Dad Saves America Scott Lincicome: Trump's Tariffs Are a Tax on American Families
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Apr 10, 2025 Scott Lincicome, trade expert and VP at the Cato Institute, dives into the detrimental effects of tariffs and protectionism on American families. He argues that tariffs raise prices and hurt jobs, challenging the common fears about trade deficits. With insights on foreign investments and the myth of U.S. manufacturing decline, Scott asserts that open markets foster growth, not the other way around. His keen observations on the complexities of trade policies reveal the real drivers behind economic challenges, making this a critical discussion for understanding today's trade landscape.
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Misconceptions about US Manufacturing
- Many mistakenly believe the US doesn't manufacture goods anymore and everything is made in China.
- These perceptions are inaccurate and don't reflect the reality of US manufacturing output and global trade dynamics.
Reality of US Manufacturing
- The US is the second-largest manufacturing nation globally, exceeding all others in output per worker.
- American manufacturing focuses on high-value goods like airplanes and industrial chemicals, not low-value consumables.
Role of Imports
- Roughly half of US imports are intermediate goods used in domestic manufacturing.
- Increased imports often correlate with increased manufacturing capacity, demonstrating their complementary nature.