And thus, with this rochelly exetur of Bully Acre, came to close that last stage in the siegings round our archicitadel which we would like to recall, if old Nestor Alexis would wink the worth for us, as Bar-le-Duc and Dog-an-Doras and Bangen-op-Zoom
Since World War II, most countries in the world, including China, have been working to reduce tariffs. Why are they trying to reduce tariffs? Because we all learned in Economics 01 that trade is good, that if somebody else can make something cheaper and better than you can, you let them make that, and you make something else that you can do better or cheaper. And on that basis, we’ve had this period of essentially unparalleled prosperity since World War II, and trade has played a meaningful role in that.
Another example, more recently, is the fact that we had so little inflation from the great financial crisis until Covid because the price of goods, which are the things that can more easily move across an international barrier, were coming down in price or at least not going up in price. […]
I think he may have gone into some time warp or something and ended up in a 19th-century class on economics, because back then they taught you what we call mercantilism, that countries’ goal was to accumulate gold. They all wanted more gold, and so therefore, you wanted to have trade surpluses, and therefore tariffs were high, and trade barriers were high. […]
First of all, even if other countries stop sending us their clothes, their furniture, their iPhones, whatever, we can’t make that stuff here. We do not, any longer, have the physical infrastructure to make it. You’d have to go out and build lots and lots of factories in order to replace that. Businesses are not going to do that, because they don’t believe in their heart that these tariffs are permanent. They believe that everyone will realize how bad they are and maybe after the next presidential election or whenever, they’ll get removed. And so it can’t work. It won’t work. But simply what this is going to mean is that you’re going to pay 20 percent more for your iPhone or something like that the next time you go to buy one.