Loading ...Thanks a lot Rich, a real eyeopener, I didn’t know all that. That kind of info should be on the TV financial media.
Re Your:
The tariff history of the United States spans from 1789 to present. The first tariff law passed by the U.S. Congress, acting under the then-recently ratified Constitution, was the Tariff of 1789. Its purpose was to generate revenue for the federal government (to run the government and to pay the interest on its debt), and also to act as a protective barrier around newly starting domestic industries.[1] An Import tax set by tariff rates was collected by treasury agents before goods could be unloaded at U.S. ports.
Tariffs have historically served a key role in the nation’s foreign trade policy and as a source of federal income. Tariffs were the greatest (approaching 95% at times) source of federal revenue until the Federal income tax began after 1913. For well over a century the federal government was largely financed by tariffs averaging about 20% on foreign imports.
Tariffs are now employed, among other cases, in the present trade war with China.
https://en.wikipedia.org/wiki/Tariff_in_United_States_history
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Re my 15:17 1/17 Tariff Propaganda On News Media
Some special interest person, or simply an asshole, stated “Tariffs are costing Americans money. Not China or the corporations”.
Well, if you are an American person or business and you constantly hurt your country off shoring and then importing, maybe you SHOULD be contributing Tariff dollars to your country for a change. Plus, if tariffs are high enough, (good) then the product could be made cheaper at home, more jobs thanks to the higher price.
The transition from bad habits (importing) to good habits (taxing imports) will hurt. No pain no gain.