Part 6/9:
In recent decades, the decline in manufacturing jobs and rising trade deficits have reignited debates surrounding tariffs. Voices like Pat Buchanan highlighted fears of trade deficits, placing those concerns in today's economic narrative. A significant decline in manufacturing jobs—from 22% of non-farming jobs in 1979 to just 8% by 2024—has raised alarm about job loss and economic stability.
Despite the argument that lower tariffs foster economic prosperity, certain communities, particularly rural areas, feel left behind. Policymakers face the challenge of addressing the needs of these demographics without resorting to potentially harmful tariffs.