In part 1 of this series, we discussed how, overall, tariffs can create localized benefits (e.g., helping a particular industry), but they do so by imposing higher costs on the rest of the economy. We also discussed the wider implications—primarily that when a country imposes tariffs, there is a real possibility that other countries will retaliate. This leads to a vicious circle that leaves everyone worse off. Economically, tariffs don’t make a lot of sense.

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