Just how many more somersaults can the contemporary political structure endure?
There once was a time when Republicans hated tariffs and taxes; they called it protectionism. They were free trade advocates. Let the market determine all things involving trade, they would say.
Democrats invoked trade protectionism because their union movement allies insisted on it. They believed tariffs on imported goods protected domestically produced material. They were the champions of U.S.-made goods and commodities.
What in the name of free trade is going on here?
The nation’s top Republican, Donald John Trump has just announced steep tariffs on imported steel and aluminum. The GOP president has imposed a policy long favored by those hated Democrats.
So, how have the markets responded? Badly. Wall Street tanked again today on that news, with the Dow Jones average plunging more than 500 points, before closing at just a little less than 500 points in the red.
Tariffs are taxes. The result is that the price of the goods being imported is going to increase. I also thought rampant inflation once was considered a bad economic trend. Wasn’t it? Isn’t it still?
Me? I am a free trader. I like the North American Free Trade Agreement. NAFTA opened this hemisphere to free trade among the United States, Canada and Mexico. Trump doesn’t like NAFTA. It’s that “populist” theme on which he campaigned for president in 2016.
This brings to mind a curious question for me: How does this president hang on to such strong Republican support when his economic policies — such as they are — run counter to traditional GOP principles?
It’s all gone topsy-turvy. I can’t keep my balance.