Yesterday : SINCE TIME BEGAN : CAVEAT : IN TRUTH WE TRUST : Tomorrow
NOV 26TH, 2024
NRF : Nov 2024 : National
Retail Federation : Key findings from the study include:
- The
proposed tariffs on the six product categories alone would reduce American
consumers’ spending power by $46 billion to $78 billion every year the
tariffs are in place.
- The
proposed tariffs would have a significant and detrimental impact on the
costs of a wide range of consumer products sold in the United States,
particularly on products where China is the major supplier.
- The
increased costs as a result of the proposed tariffs would be too large for
U.S. retailers to absorb and would result in prices higher than many
consumers would be willing or able to pay.
- Consumers
would pay $13.9 billion to $24 billion more for apparel; $8.8 billion to
$14.2 billion more for toys; $8.5 billion to $13.1 billion more for
furniture; $6.4 billion to $10.9 billion more for household appliances;
$6.4 billion to $10.7 billion more for footwear, and $2.2 billion to $3.9
billion more for travel goods.
- For
all categories examined, total average tariffs would exceed 50% in the
extreme tariff scenario, up in most cases from single or low double digits
currently.
What Are The Positive Impacts Of Imposing Tariffs On Imported
Goods ?
Imposing tariffs can have several positive impacts on a
country's economy and industries. Here are some key benefits:
1.
Protection of Domestic Industries: Tariffs can shield local industries
from foreign competition by making imported goods more expensive. This helps
domestic companies grow and maintain market share (1)
2.
Job Creation: By protecting local industries, tariffs can help preserve
and create jobs within the country. When domestic companies thrive, they often
need to hire more workers (1)
3. Revenue Generation: Tariffs provide a source of revenue for the government. This additional income can be used to fund public services and infrastructure projects (1) Caveat : "new government revenues" is a "false economy" reference - it is simply a transfer of existing revenue assets from the consumer into government coffers.
4.
Reduction of Trade Deficits: Tariffs can help reduce a country's trade
deficit by discouraging imports and encouraging the consumption of domestically
produced goods (2)
5.
Encouragement of Fair Trade: Tariffs can be used to counteract unfair
trade practices by other countries, such as dumping (selling goods at unfairly
low prices). This helps ensure a level playing field for domestic producers (1)
6.
Strengthening National Security: By reducing dependence on foreign goods,
tariffs can help ensure that critical industries, such as defense and
technology, remain robust and self-sufficient (3)
While tariffs can offer these benefits, it's important to
consider their potential downsides, such as higher prices for consumers and
possible retaliation from other countries. Balancing these factors is crucial
for effective economic policy.
Publisher : Ralph Charles Goodwin : Chief Editor
NOV 26TH, 2024
Yesterday : SINCE TIME BEGAN : CAVEAT : IN TRUTH WE TRUST : Tomorrow
