Tariffs

The question is, will tariffs effect products made in the US and the answer can be seen in the manufacturing and sales of light trucks. In 1964 a 25% tariff was put on imported light trucks. Last year 12 million light trucks were sold in the US and only 7,000 were imported from outside of North America. Does this mean the US consumers are paying higher prices? You bet. Toyota Corolla in Japan cost from $15,180 to $22,869 while the Corolla in the US cost from $22,132 to $32,699. As more products are brought home the prices will rise. The country spent 50 years sending production overseas to give US consumers low prices but that is ending. Millions of workers were forced out of their good paying manufacturing jobs, so they could buy low-cost TV’s and refrigerators while the corporations made huge profits. Then net financial result was the rich got richer and the poor got poorer. This is changing and the rich don’t like it.