Part 2/12:
While the concept might seem appealing, particularly in light of the possibility that tariffs could facilitate lower taxes and rejuvenate the dwindling industrial sectors of America, there’s much to untangle. Even proponents within the global economics community recognize that the rationale for tariffs can sometimes make sense, which is reflected in the continued heavy use of tariffs by burgeoning economies such as India, Brazil, and China. However, the modern context is vastly different from that of the past, with American consumers now accustomed to the affordability of goods generated by complex global supply chains that depend on low trade barriers.