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100 sats \ 0 replies \ @Bell_curve 20 Apr freebie \ parent \ on: Tariffs Are Taxes on Americans—But Protectionists Pretend Otherwise econ
I get it
The American steel industry has used the national security argument since 1960 to justify tariffs.
But the last 60 years have demonstrated how they have fallen behind their foreign competitors.
The other problem is their labor costs are comparatively high because of the steel workers union.
Does national security depend on union workers? Of course not
In the case of Nippon Steel buying US Steel, we get the best of both worlds. Foreign investment and expertise, the company is still on American soil
I agree we are too dependent on Taiwan and South Korea for chips and semiconductors. Also certain generic drugs are exclusively imported from Taiwan, India and China. That is madness.
We have created a very fragile system. Globalization is fragile.