Quote from: Goldernen Oxernen on Apr 04, 2025, 04:22 AMI keep an open mind on whether this will work for the US. Some industries like cabinet making and clothing I think could work. Keep in mind how many things were formerly made locally before globalisation, so it isn't impossible.
There is no scenario under which the increased tariffs will benefit the Amerikan Economy. The revenue derived will be marginal due to depressed demand. Even if some industries built new factories here it wouldn't lead to high paying jobs. Any new factories will be mostly robotic. The days of high paid workers on automobile production lines are history. Stuff we export will have retaliatory tariffs placed on them.
The reduction in GDP from job losses will lead to decreased revenue from income taxes, which will increase the federal deficit, necessitating more borrowing at higher interest rates. Finding buyers for USTs will become more difficult, increasing the likelihood of default.
In short, this is a 1st Class Clusterfuck. A global depression is the best case scenario. A full crash of the monetary system is not out of the question.
RE