IMO its interesting to look at the UK's use of import tariffs
to protect its manufacturing in the 20th C rather than
improve efficiency and productivity.
Of course it all crashed in the early 1970s when the
local manufacturers were exposed to European competition
when the UK joined the EEC. This , IMO was the death knell
of the British Empire with the demise of trade having happened
over 50 years due to 2 World Wars.
IMO the US is now going through a similar demise as evidenced
by its need to erect trade barriers to protect its manufacturing ,
like those of the UK. This is obviously a temporary remedy and
if US manufacturing fails to modernise, then IMO, like that of the UK, it will
die.
Apart from protecting the US EV manufacturing, import tariffs have also been
levied on other hi-tech products and services presumably to protect
Silicon Valley. It will be interesting to see
how it all pans out, IMO.
https://www.pbs.org/wgbh/commandingheights/lo/countries/uk/uk_trade.html
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