Ken Fabian
Registered Senior Member
As a source of revenue tariffs seem highly dubious; if it works at supercharging local production and reliance on imports declines significantly the revenues decline. The better it works the less revenue is collected. Whilst the USA has better hypothetical prospects for 100% self reliance than most other nations - geographically large and rich in minerals and other natural resources - international trade opens access to sources that are more abundant and cheaper. Full self sufficiency seems counterproductive - I don't think any modern industrialised economy can be successful that way. You would have to go back to pre-European for actual self sufficiency without international trade. As a way to gain advantage in international trade it comes with unintended consequences. For some particular industries and companies tariffs may well deliver better profitability but I expect it will be at the expense of less well represented economic interests. As an alternative to taxation I think - economists think - it won't work.