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Trump’s Inverted View of America’s Tariff History

Hudson, Michael
http://michael-hudson.com/2025/04/trumps-inverted-view-of-americas-tariff-history/

Publisher:  Michael Hudson: On finance, real estate and the powers of neoliberalism
Date Written:  14/04/2025
Year Published:  2025  
Resource Type:  Article

Economist Michael Hudson claims that Trump's goal in replacing income tax on the wealthy with tariffs as the government's main source of revenue is misguided by a misunderstanding of past implementations of tariffs.

Abstract: 

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Excerpt:
"Privatization and deregulation of the U.S. economy has obliged employers and labor to bear the rentier costs, including higher housing prices and rising debt overhead, that are part and parcel of today’s neoliberal policies. The resulting loss of industrial competitiveness is the major block to its re-industrialization. After all, it was these rentier charges that deindustrialized the economy in the first place, making it less competitive in world markets and spurring the offshoring of industry by raising the cost of basic needs and doing business. Paying such charges also shrinks the domestic market, by reducing labor’s ability to buy what it produces. Trump’s tariff policy does nothing to address these problems, but will aggravate them by accelerating price inflation"

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