Imagine you want to build a factory in the US. You pay tariffs on the factory equipment you need - much of it is made overseas. You pay tariffs on your input goods. And then when you try to export your customers get hit with a retaliatory tariff. I don't agree with tariffs but even if we accept some level of protectionism you can't tariff everything the way this administration wants. You have to pick what you actuall…
Protectionism and tariffs simply don't work in the global world. Capitalism will keep producing things where they make sense not where politicians want. Exceptions make sense only to protect industries that are absolutely vital and critical for security. Ship building should be one of those for countries like US or UK. Or when you want to kickstart an industry and need to protect it for a limited amount of time (Kore…
Yet, protectionism for that, as practiced in the US (ie. jones act), was a massive failure. There might still theoretically a domestic shipbuilding sector, but it's bloated, inefficient, and as a result is totally not up to the task of standing up to China, which does have a competent shipbuilding sector.