â??The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists of tracing the consequences of that policy not merely for one group but for all groups.â?ť —Â Henry Hazlitt, â??Economics in One Lessonâ?ť
Too badÂ President TrumpÂ has apparently not read Henry Hazlittâ??s classic book, â??Economics in One Lesson,â?ť especially chapter 11 on â??Whoâ??s Protected from Tariffs?â?ťÂ Read it here:Â https://mises.org/wire/who%E2%80%99s-protected-tariffs.
The President has doubled down on his threat to impose tariffs (taxes) on steel, aluminum, solar panels and washing machines.Â Who knows whatâ??s next?
His chief economic advisorÂ Gary CohnÂ has left the White House because he lost the battle over tariffs.Â President Trump was successful in pushing through the business tax cuts, but Cohn didnâ??t want to be tainted by protectionist policies that could cause a bear market on Wall Street and an economic slowdown. Who can blame him?
Click here to read the rest of the article, “Trump’s Trade War Stalls Bull Market: Will it Get Worse?“