Tariffs Slow Economic Growth
– Average American tariffs fell from almost 60 percent in 1932 to under five percent in 2018.
– The International Monetary Fund has found that these types of reductions in trade barriers can “boost productivity and output,” which can, in turn, mean faster rates of economic growth.
– Economic growth in the late 19th century, while sometimes attributed to high trade barriers, actually resulted from significant population growth and accumulated capital. Tariffs during that time may have hurt growth by raising prices on capital imports.
A protectionist is someone who argues that you should be poorer so they can be richer.