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Politics : The Trump Presidency
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combjelly
To: Steve Lokness who wrote (3140)12/30/2016 12:08:46 PM
From: TimF1 Recommendation   of 357776
 
Trade barriers will typically make prices increase in real terms, and as a percentage of mean and median incomes, not just nominal terms. Trade promotes less expensive production.

On top of that if you increase trade barriers against other countries they will increase barriers against your products, also raw materials and intermediate goods typically become more expensive, making intermediate and end consumer goods less competitive on the world market even in the absence of retaliatory trade barriers. The net result is not usually positive for employment or nominal wages let alone real wages. (In general that is, there will be specific people, including specific production workers, who benefit from a barrier against import of the types of goods they produce or close substitutes.)
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