If I Were President, On The Day After Vote for Brexit... | Coyote Blog
. . . but a better start would be to simple, and permanently eliminate all tariffs on any imports to the US.
Read more below the break.
When we buy from another country US tariffs on foreign products imported to the US only hurt US citizens. Since that is a very bad idea, we should eliminate them. If other countries wish to hurt their citizens by imposing tariffs on other countries goods so be it, but I would suggest they not, unless they enjoy a lower living standard.
are forced to take action. They now have US dollars which are effectively worthless to them as paper unless they hoard them for later use, spend them in the US to purchase US goods or services, assets, or investments, or transfer them to others who will be faced with the same necessities. The dollars all must come home, or become valueless, there is no alternative.
I would offer the Brits, today, free importation of goods to the US, I would suggest to them to follow suit.
Perhaps I am crazy but I think the US should do everything it can to allow its citizens to create as much wealth as they possibly can, and tariffs only diminish US wealth. After all would you impose a tariff on your local grocery store for carrying a trade imbalance with you? Why not? This is of course absurd, since no one would demand higher prices from their grocery store because they buy more from the grocery than the grocery sells to them. Well, except for politicians who are too stupid to understand what it is they do? Or they do, but like the graft, and corruption!
David Glasner on the Absurdity of Worrying About Trade Deficits - Cafe Hayek