What is Worse than Bad Policies? Misuse of Power

Jeffrey Miron andErin PartinSince the beginning of his presidential campaign, Donald Trump has prioritized imposing punitive tariffs on China. In a 2016 Republicanpresidential debate he said, “I’m totally open to a tariff. If they don ’t treat us fairly, hey, their whole trade is tariffed. You can’t deal in China without tariffs. They do it to us, we don’t it. It’s not fair trade.”True to his word, the Trump administration soon implemented steep tariffs onsteel and aluminum,washing machines, andsolar panels—specifically targeting China with an escalation of his trade war. Tariffs are bad economic policy—costing ordinary Americans hundreds if not thousands of dollars each year —and lead to predictable retaliation and escalation. In response to Trump’s tariffs on Chinese products, Beijing implemented high tariffs onUS agricultural products. While previous executives might have heeded the advice of experts and advisors, Trump has not availed himself of their counsel. That a single political figure can implement such shortsighted, damaging policy is unconscionable.As a result of the Chinese retaliation, the US agricultural export market faced serious challenges. In an effort to mitigate the self ‐​inflicted damages President Trumpdirected the USDA to provide direct relief payments to the American farmers hit hardest by the trade war. This blatant attempt to buy off key constituents generated a predictable backlash. Now,government...
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs