The last time tariffs were this high, it led to rampant corruption as companies would pay off customs officers. This was one of the reasons for switching to an income tax. For the current administration this possibility counts as a major opportunity to generate personal wealth.
But this isn't the only reason for the policy. For someone who is at heart a coward, bullying and brandishing raw power over others is its own reward. That reason enough for the policy, and damn the consequences for the nation.
I guess for a change Americans will experience what Indians have been subjected to since forever.
Just about anything useful and high quality has been tariffed out of existence in India. It is done in the name of protecting our industry while they catch up with rest of the world.
Exactly backwards has happened. The cars we get here are so bad they are sometimes called tin cans on wheels. Without competitors from across the world Indian auto makers have absolutely no motivation to build world class cars. And it shows on the road.
There is also a reason tariffs only get raised on a multi-generational time scale, e.g., 1820s, 1890s, 1930s, 2020s.
The effects are so bad that nearly everyone who remembers the disaster must have died off for anyone to think it is a good idea.
At this point, it is obvious that there is no geo-political or geo-strategic plan of any type. The administration is just winging it, and Sen Murphy's explanation is the only one available.
It was also noted that the person occupying the president's chair said "they must be forced to negotiate". When someone is forced to negotiate, that is not a negotiation, that is extortion. Welcome to another nation run like a mob office.
The last time tariffs were this high, it led to rampant corruption as companies would pay off customs officers. This was one of the reasons for switching to an income tax. For the current administration this possibility counts as a major opportunity to generate personal wealth.
But this isn't the only reason for the policy. For someone who is at heart a coward, bullying and brandishing raw power over others is its own reward. That reason enough for the policy, and damn the consequences for the nation.