The U.S. government introduced tariffs aiming to protect domestic businesses and create more jobs. However, the reality is proving quite different. Many U.S. manufacturers rely on imported parts, and instead of saving jobs, the tariffs have raised production costs and weakened overall competitiveness. 💸
This policy shift has pushed companies to explore alternatives in low-cost countries like Vietnam, rather than reshoring operations. Experts highlight that the move has not only failed to boost employment but is also slowing down innovation in tech firms. Even steel tariffs, defended on national security grounds, affect only 3% of the imported steel used for defense. 😮
Overall, the tariff strategy appears to be a lose-lose economic gamble, undermining competitiveness without delivering the promised benefits. As debates continue, many wonder if this policy will further strain the economy or eventually pay off as intended. 🚀
Reference(s):
cgtn.com
