On Tariffs
In this paper, I extend my economic thinking from my prior paper On the Validity of Comparative Advantage Part 1 to tariffs. I find tariffs interesting because they are fundamentally a tax. Tariffs are detested strongly by free-trade stewards. However, I would contend that taxes are sad necessity and therefore they should be designed to minimize the harm to the country. Tariffs make foreign goods more expensive which can make domestic goods more competitive which can be a benefit to domestic workers. Further, I show tariffs can be an effective protectionist when thinking about foreign trade through a tit-for-tat game theory strategy. I acknowledge that there will likely responses in kind as seen by the US-China ongoing trade war.