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Cato Daily Podcast
Why Do Puerto Rico's Potatoes Come from Canada? (It's the Jones Act)
Mar 11, 2024
Exploring the impact of the Jones Act on Puerto Rico's economy, from the high costs affecting food sourcing to the limitations on industry diversity. Policy recommendations are discussed to alleviate the economic challenges faced by Puerto Rico under the Jones Act.
14:44
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Quick takeaways
- The Jones Act increases costs in Puerto Rico, leading to importing goods from foreign sources.
- The Act limits Puerto Rico's industrial growth by constraining heavy goods purchases and hindering economic diversification.
Deep dives
Impacts of the Jones Act on Puerto Rico's Trade and Economy
The podcast discusses how the Jones Act, a 100-year-old law, affects Puerto Rico's trade relationships and economy. Due to the Act's shipping restrictions, Puerto Ricans face high costs when importing goods, leading them to consider buying from foreign sources instead of US producers. The Act imposes a 31% average tariff on sea-shipped goods from the US, resulting in an estimated annual cost of $203 per household in Puerto Rico.
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Discover
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