by John Tamny of RealClearMarkets
Last week, President Obama announced that his administration would slap a 35% tariff on Chinese tire imports. The move cheered a U.S. tire industry that has faced stiff competition from overseas producers.
But while Obama’s decision will no doubt please a small sector of the U.S. economy, the underlying truth about protectionist tariffs is that they aid domestic producers who’ve failed to meet the needs of domestic consumers. We produce so we can consume, which means that tariffs usurp our basic liberties when it comes to finding the best deal.
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