The Futility of Asking Whether the Tariffs Will Work

Still not on top of my game, heading home from my third trip to Mayo this year.

So looking out for topics that don’t take many words.

To ask whether the tariffs work—like do they add net more USA manufacturing jobs?—is to be a victim of the language.

Don’t ever say “tariffs”; say “industrial policy.” And then try to say—and believe—that you, or the government, or anyone can usefully describe what industries we should foster or do a superior job of allocating capital compared to the market.

While attempting to say this, please remember that “tariffs” don’t apply (no matter what they are called) to swathes of industry you can actually name. You may think “semiconductors” or “microelectronics” but those industries comprise a supply chain of hundreds or thousands of companies and tens of thousands of parts. Please explain exactly which of those we should encourage to be domesticated and which are better offshored.

Show your work for full credit.

Can’t do it?

In that case stop plaintively asking (so as to avoid criticizing the Leader) whether the tariffs might actually work.

Time for my nap.