How Can Tariffs Help the Economy? | Richard Stern

Heritage Explains

Heritage Podcast Network

Education

4.6 • 808 Ratings

🗓️ 4 December 2024

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Tariffs have been a hotly debated point in American politics since the country began. President-elect Donald Trump has demonstrated his support for tariffs, receiving criticism from both the left and some sections of the right. To understand the conservative approach to tariffs, we sat down with Richard Stern, the director of the Grover M. Hermann Center for the Federal Budget here at the Heritage Foundation.

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Transcript

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0:00.0	Three, two, one, zero, all engine run.
0:06.9	There is no other institution that has the ability uniquely.
0:11.5	Without a heritage, every generation starts over.
0:14.6	Ask not.
0:15.6	To remind the current regime.
0:17.7	We the people tell the governor what it is allowed to do.
0:22.4	All...
0:23.3	All...
0:24.1	...to get back in their box and stay there.
0:28.3	Lift-dive.
0:29.1	We have a left job.
0:32.1	From the Heritage Foundation, this is Heritage Explains.
0:45.8	... Foundation, this is Heritage Explains. When the war of 1812 ended, the U.S. economy had a problem.
0:51.2	Stuff, specifically British stuff.
0:56.8	British companies were selling their goods in the new American market. Our friends across the pond had better financial backing, large stockpiles
1:02.7	of post-war goods, and were the birthplace of the Industrial Revolution. This meant that they
1:08.2	could finance and manufacture textiles and cutlery at scale, transport
1:12.1	them to America, and sell them at prices that American manufacturers found difficult to match.
1:18.3	This resulted in the enactment of the so-called Dallas tariff in 1816, named after James Madison's
1:23.7	Secretary of the Treasury, Alexander J. Dallas.
1:27.3	It imposed a 20 to 25 percent duty on foreign imports.
1:31.7	We now know this kind of policy in which imported goods are taxed by the federal government
	...

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