Tariffs are becoming widely accepted by U.S. politicians and policymakers as an important tool for maintaining and rebuilding our industrial economy. But quotas, a related tool, can sometimes work better to restrain imports and encourage growth in domestic production, investment and jobs.
When George Washington was President, consensus existed that tariffs should be used for both (1) federal revenue purposes, and also (2) to protect domestic production. This consensus was embodied in the first sentence of the first U.S. Tariff Act, passed on July 4, 1789.
The leading contenders for the White House all favor blocking the U.S. Steel sale to Nippon Steel of Japan, a sale that might yet reward its senior executive, David Burritt, with a $72 million pay package once it closes. Globalist-thinking institutions are all in favor of the deal.
