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What Goes Around Comes Around: Tariffs Stuck on the Spin Cycle

Summary:
American firms cheering for protectionism in the form of tariffs on their foreign competitors should be careful what they wish for. As they say, "What goes around comes around." Case in point: The American washer and dryer manufacturer Whirlpool Corp. Last January, the Trump administration imposed a penalty on Americans who buy foreign-made washers. The administration argued that the need to protect our domestic washer makers from competition required the imposition, for a period of three years, of a 20 percent duty on the first 1.2 million imported washing machines each year and a 50 percent duty on quantities above that threshold... Continue reading: What Goes Around Comes Around: Tariffs Stuck on the Spin Cycle Photo credit: Amy Sancetta/AP/Shutterstock

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American firms cheering for protectionism in the form of tariffs on their foreign competitors should be careful what they wish for. As they say, "What goes around comes around." Case in point: The American washer and dryer manufacturer Whirlpool Corp.

Last January, the Trump administration imposed a penalty on Americans who buy foreign-made washers. The administration argued that the need to protect our domestic washer makers from competition required the imposition, for a period of three years, of a 20 percent duty on the first 1.2 million imported washing machines each year and a 50 percent duty on quantities above that threshold...

Continue reading: What Goes Around Comes Around: Tariffs Stuck on the Spin Cycle

Photo credit: Amy Sancetta/AP/Shutterstock

Veronique De Rugy
Veronique de Rugy is a senior research fellow at the Mercatus Center at George Mason University and a nationally syndicated columnist. Her primary research interests include the U.S. economy, the federal budget, homeland security, taxation, tax competition, and financial privacy. Her popular weekly charts, published by the Mercatus Center, address economic issues ranging from lessons on creating sustainable economic growth to the implications of government tax and fiscal policies. She has testified numerous times in front of Congress on the effects of fiscal stimulus, debt and deficits, and regulation on the economy.

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