Donald Trump’s tariffs hurt his favorite companies
Donald Trump's tariffs have negatively impacted American companies, including those that produce footwear. The tariffs, intended to bring jobs back to the U.S., resulted in significant financial losses for companies like Florsheim, which reported $21 million in direct duties. Ultimately, the tariffs did not create new manufacturing jobs but instead harmed existing ones and disrupted supply chains.
- ▪Trump's tariffs were a tax on companies that had become more productive through globalization.
- ▪Florsheim, a shoe company, revealed that the tariffs cost them $21 million in direct duties.
- ▪The Supreme Court eventually struck down the tariffs, allowing companies to seek reimbursement.
Opening excerpt (first ~120 words) tap to expand
David Ricardo’s theory of comparative advantage is counterintuitive, and a lot of people struggle with it. Most of us can see why free trade works in the interest of competitive countries. How, though, can it be in the interest of less efficient places? Why wouldn’t all the jobs go to the more productive trading partner? For years, I struggled to convince skeptics of the theory, which relies on a bit of math. Then I stumbled upon a short sketch by the comedian Dave Chappelle. Satirizing President Donald Trump’s obsession with bringing Chinese jobs to the United States, Chappelle asks, “For what, n****r? So iPhones can be $9000? Leave that job in China where it belongs, none of us wanna work that hard!” Warming to his theme, he gives as pithy summary of the case for free trade as you will…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Washington Examiner.
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