Geopolitical Economy Report Trump's tariffs hurt the US much more than China - Economist Michael Hudson explains
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Apr 20, 2025 AI Snips
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Tariffs Shift Tax Burden
- Trump's tariff strategy shifts tax burden onto consumers rather than the wealthy elite.
- Unlike historical industrial policy, Trump's approach lacks public investment and infrastructure development.
Gilded Age Tariffs Failed
- The Gilded Age was a failure of protectionism, enriching monopolists as much as industry.
- Trump's admiration for this era overlooks its economic crisis and social inequity.
China's Strong Industrial Model
- China uses state-led industrial policy with public ownership and planning.
- This contrasts with the US's deregulation and privatization that undermines industrial competitiveness.