By Lauren Hunter
Staff Writer
Recent events in the United States have brought to light the question of the effect tariffs have on the economy. President Donald J. Trump has been implementing new tariffs on various countries, including Canada, the European Union and China.
There has been a severe amount of backlash in response to the recent rise in tariffs, with people questioning their necessity. In addition, citizens are worried about how these new implementations will cause increases in prices and affect their shopping.
Although the increase in tariffs is concerning to many people, President Trump is utilizing a tactic that has been present since the founding of the country.
The first Secretary of the Treasury, Alexander Hamilton, also saw the benefit of bestowing tariffs upon other countries. Hamilton wanted the United States of America to be more self-sufficient when making goods and products and not to rely on foreign countries to provide them.
Raising tariffs on foreign goods required that Americans look to themselves in order to provide certain products. This was beneficial to the economy because it increased jobs in the American working world, and it balanced out relationships with other nations.
In the case of President Trump, his approach, as he has stated, is like Hamilton’s in his reasoning to implement tariffs and thus aid the American people.
Although the sudden levying of tariffs on foreign countries at steep prices appears to be initially excessive, it is an important aspect to stabilizing the economy. As seen in Hamilton’s logic, Trump has stated in his interviews, campaign and speeches that, through the tariffs, he wants to stop outsourcing jobs and employment to overseas companies as well as bring wealth back to America.
This has started what are (most likely) the beginnings of a trade war with most of the rest of the world. Although it is still early in the initial reactions to the tariffs, they could be able to reset the difficult economy that the United States had which President Trump inherited.
The reset would be a goal in the long term, a while after the current shock of the increase of foreign goods’ prices has worn off. Once the citizens turn towards local sources for their goods, the price of goods will decrease and level out.
In addition, the second advantage to the tariffs is that it reaffirms the sovereignty of
America as well as its strength, displaying it to the world. In reestablishing this image, enemy foreign nations are kept at a distance.