I have seen a lot of know-it-all democrat voters posting in the last few days about how Trump's economic strategy is bound to fail and those who voted for him for economic reasons are fools. Obviously I am extremely sceptical of these people, as economic literacy has never been a strong point of progressives (not to mention how they are all suddenly experts, like how they were for virus propagation, climate change, etc.).
Nonetheless, I myself am no economist. Can somebody with a better understanding explain the strategy to me, and also any potential ways in which it COULD backfire in the way progressives are suggesting?
I see a lot of lolbertarians bitching about them because "muh free market" completely forgetting that the free market only works in a level playing field. Other countries have tariffs on our exports, so that's already a moot point.
Tariffs are far more moral than taxes for the simple reason that taxation is extortion and tariffs are essentially taxes on foreign countries.
Tariffs would make things like smartphones more expensive because they rely on slave labor in China to keep costs down, but the jump in price would really serve to highlight how fucked the inflation is in America to the point that the elites couldn't really hide it anymore. The real problem isn't tariffs themselves; after all, we had those instead of taxes for a long time at the start of our country. The problem is that the mismanagement and inflation of our currency by the Fed has crippled the American poor and middle class.
The fact that our industrial strength got shipped off to China means that until we restart our manufacturing here in America, it will be more expensive for the average citizen. However, these are the consequences of our actions, which are long overdue for us to pay for. It might hurt a lot in the short term, but if we can return America to the industrial giant it once was, it will be worth it in the long term.
Most so called libertarians, especially the "left" libertarian" are anything but. If all you want is abortions and to legalize all drugs and deviant behavior, you're not a libertarian you're a fucking degenerate.
Free market economic principles are a system as well, not somehing you can take pieces of and not others. It's a foolish system that only functions with optimum behaviors, and doesn't account for the classical understanding of economic warfare.