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Tariffs will increase inflation and hurt our economy

Posted 8/29/24

Throughout our world, there are wide differences in temperatures, topographic features, minerals, water, wildlife, and populations that result in uneven allocation of resources distributed on our …

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Tariffs will increase inflation and hurt our economy

Posted

Throughout our world, there are wide differences in temperatures, topographic features, minerals, water, wildlife, and populations that result in uneven allocation of resources distributed on our planet. As a consequence, pockets of civilization are developed around these differing locations of resources.
Since the beginning of mankind, people have been exchanging some of their resources to others for resources that they do not have. These exchanges are called trading.
The U.S. has an abundance and variety of resources. It does not, however, have domestic access to certain natural minerals or types of manufactured products that can be made more efficiently by others. 
Trump plans to add tariffs to foreign imported products. This tax on imports will be, of course, added to the cost that the consumer will have to pay contributing an increase in overall inflation.   
These import levy actions assuredly will be countered by foreign countries’ restrictions on American exports to their countries. This action will reduce American companies’ foreign sales which in turn will require cut backs in costs for domestic companies, including personnel. In essence, Trump would create what is known as a “trade war.” 
The war is likely to eliminate our research and development product patent protection plus copyrights on music, art, and literature.     
The election of Trump would represent real danger not only to our economy, but also to our well-being. Lack of, or diminished, trade relationships can have unwanted repercussions in addressing world-wide problems such as climate change, global health issues, military confrontations, and humanity’s economic vitality. 
 Gerry Snyder
 Ely