There is no doubt that tariffs, properly considered and thought about, have their place. Still, it has to be recognized that this is one of those things in which tariffs imposed on a certain country and its specific goods may prompt a countermove by that same country on our domestically produced goods intended for export, and so on. In other words, tariffs are always a two-way street, unless one country can just impose its will upon another, which may well result in some future form of blowback. In reality, the best tariffs are going to start with the foundation that a conversation needs to occur between the respective countries and businesses so that something sensible can be agreed upon, which makes for the best structure of tariffs.
Also, when it comes to tariffs it needs to be recognized that there are going to be winners and there are going to be losers, from an export/import business perspective, so then a conscious decision needs to be made as what a given country’s priorities are when it comes to tariffs, of which, a reasonable viewpoint would be to see that tariffs are minimized for the basics and essentials of life, which thus benefits those that have the least amount of flexibility when it comes to where they expend their money, and thus this signifies that high tariffs are best imposed upon items which are seen as luxury or non-essentials in which those that have the capital can continue to buy these goods, but will do so at a higher price. In other words, it’s a mistake to hurt the pocketbook of those who are most vulnerable, but rather it is best to impact the pocketbook of those who have that discretionary income to purchase those high-value items, should that still be their desire.
Additionally, the imposing of tariffs should necessitate that the legislative arm of the state has its fair say, so that both sides of the political aisle can weigh in on where and how much tariffs ought to be while also taking into account that a serious conversation should be made with foreign nations in consideration of those tariffs which are being contemplated upon; in addition to the important point, that tariffs ideally should not be imposed without warning, but should have plenty of warning, so that all involved parties have time to adjust to how the rules of the road are changing. So too, tariffs that are imposed willy-nilly, that are here today, then gone tomorrow, and then back the next day, and change from one percentage to another percentage on a daily basis, or simply on a whim, should never be permitted, because it isn’t fair to any party and businesses need to know where they stand or else they won’t be able to properly prioritize what they should or should not be working upon.
To the degree that tariffs help to protect domestic industries definitely has its place, and thereby imposing tariffs on certain foreign goods has its purpose, but all of this needs to be carefully thought through, which necessitates communication with all pertinent parties, which is not only sensible but also represents the right thing to do.