From Real time Economics (Economists React):
And I agree too. Tariffs protect some jobs, sure, but the costs, in terms of higher consumer prices, overwhelm the benefits. And this is all in the short run. If I can remember my long ago international economics field courses and exam, in the long run U.S. exports fall as well.Economists and others react to President Obama’s decision to impose a tariff on imports of certain Chinese tires.
-“It certainly does not look good. [P]rotectionism is driven by the desire to protect jobs. Unemployment has not peaked in the US, and some analysts suggest that China’s job losses are far worse than the 20 million often bandied about, more on the order of 30 to 50 million. So political pressure is set to intensify.” –Yves Smith
-“A victory for the protectionists. Disappointing news”. –N. Gregory Mankiw
-“Barack Obama does something really stupid: tire tariffs. [..] The Trade Act, Section 421, gives the U.S. the right to impose tariffs in response to a surge. It doesn’t make the surge a crime, or a violation. And it doesn’t require the U.S. to impose tariffs–especially if imposing them would be a really bad idea for U.S. consumers.” –J. Bradford DeLong