[quote=enron_by_the_sea][quote=CA renter]
We need to enact tariffs to offset the profit margins gained by exploiting cheap labor around the world. Otherwise, it is a race to the bottom, which should be clear to everyone by now (but for some reason, too many people refuse to see it!).[/quote]
“The main goal was to protect American jobs and farmers from foreign competition, especially after the global economy entered the first stages of the Great Depression in late 1929. ”
—snip—
” Threats of retaliation began long before the bill was enacted into law in June 1930. As it passed the House of Representatives in May 1929, boycotts broke out and foreign governments moved to increase rates against American products, even though rates could be increased or decreased by the Senate or by the conference committee. By September 1929, Hoover’s administration had received protest notes from 23 trading partners, but threats of retaliatory actions were ignored.”
“In May 1930, the greatest trading partner, Canada, retaliated by imposing new tariffs on 16 products that accounted altogether for around 30% of U.S. exports to Canada. Canada later also forged closer economic links with the British Commonwealth. France and Britain protested and developed new trade partners. Germany developed a system of autarky.”
“Both Reed Smoot and Willis Hawley were defeated for reelection in 1932, the controversial tariff being a major factor in their respective losses.”
Do we need to risk this again? Surely there are easier ways to fix our problems than that….[/quote]
From my post above:
We are a debtor nation and a net importer now. Protectionism would hurt other countries far more than it would hurt ours. I favor *fair trade* where we trade with other countries that have the same labor and environmental protections (and wages) that we do.
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No, I don’t mind the least bit if we stopped importing inferior goods from countries where a lack of environmental protection standards and an abundance of cheap (slave) labor are exploited.
The only things we should be importing are things that we cannot reasonably produce here, IMHO.
