Tariffs 2

I am afraid that DJT did not read my little article last week about tariffs. And that’s after me deliberately not entitling it “Economics for the economically illiterate.” I didn’t want to be provocative, you see.

I understand that the executive orders instituting the new US tariffs also contain anti-retaliation clauses. In other words, if the US tariffs are answered by corresponding tariffs against US exports, which is the usual, almost instinctive, reaction, The US will raise tariffs again in retaliation for the retaliation.

Welcome back to 1930, folks. Only, please remember that the last time the world travelled this road, it didn’t work out so well.