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Sorry, but your understanding of tariffs is completely wrong. Tariffs are in place to protect domestic producers from foreign competition, and thus resulting in high prices. Some will argue that this hurts the consumer (high prices), but I say it maintains steady employment. I mean who wants...

My macro lecture gave a lecture on tariffs today, and devoted quite a bit of the discussion to the idea that tariffs are beneficial to 3rd world markets because it prevents the "wealthy elite" from continuing to import; rather than having to start producing. The way I see it: How can a tariff...