More than thousand American economist send a joint letter to oppose trade protectionism

More than thousand American economist send a joint letter to oppose trade protectionism

3rd May in east America, the American National taxpayers union sent an open letter to President Trump and Congress, to reject the protectionist activity which adopted by The U.S. government recently, including threats to withdraw from trade aggrements, misguided calls for new tariffs in response to trade imbalances, and the imposition of tariffs on washing machines, solar components, and even steel and aluminum used by U.S. manufactures. The letter Jointly signed by more than 1100 economists, including more than a dozen Nobel laureate in economics.

Economists said in the letter, it is a mistake to increase protective duties, they would operate, in general, to increase the prices which domestic consumer would have to pay. A higher level of protection would raise the cost of living and injure the great majority of our citizens.

Few people could hope to gain from such a change. Construction, transportation and public utility workers, professional people and those employed in banks, hotels, newspaper offices, in the wholesale and retail trade, and scores of other occupations would clearly lose, since they produce no products which could be protected by tariff barriers.

The vast majority of farmers, also, would lose through increase duties. First, as consumers they would have to pay still higher price for the products, made of textiles, chemicals, iron, and steel, which they buy. Second, as producers, their ability to sell their products would be futher resticted by barriers placed in the way of foreigners who wished to sell goods to us.

Our export trade, in general, would suffer. Countries cannot permanently buy from us unless they are permitted to sell to us, and the more we restrict the importation of goods from them by means of ever higher tariffs the more we reduce the possibility of our exporting to them. Such action would inevitably provoke other countries to pay us back in kind by levying retaliatory duties against our goods.

Finally, we would urge our governmrnt to consider the bitterness which a policy of higher tariffs would inevitably inject into our international relations. A tariff war does not furnish good soil for the growth of world peace.

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