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What Goes Around Comes Around: Tariffs Stuck on the Spin Cycle
American firms cheering for protectionism in the form of tariffs on their foreign competitors should be careful what they wish for. As they say, "What goes around comes around." Case in point: The American washer and dryer manufacturer Whirlpool Corp.
Last January, the Trump administration imposed a penalty on Americans who buy foreign-made washers. The administration argued that the need to protect our domestic washer makers from competition required the imposition, for a period of three years, of a 20 percent duty on the first 1.2 million imported washing machines each year and a 50 percent duty on quantities above that threshold...
Continue reading: What Goes Around Comes Around: Tariffs Stuck on the Spin Cycle
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By permission of Veronique de Rugy and Creators Syndicate