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Patrick Tyrrell is a research coordinator in The Heritage Foundation’s Center for International Trade and Economics.
Anthony B. Kim researches international economic issues at The Heritage Foundation, with a strong focus on economic freedom. Kim is the research manager of the Index of Economic Freedom, the flagship product of the Heritage Foundation in partnership with The Wall Street Journal. Read his research.
Effects - Tariffs
What are the economic effects of tariffs?
That question has been studied in detail dating back to Adam Smith’s “The Wealth of Nations” in 1776, and a general consensus was long ago agreed to among economists.
Tariffs - Health - Happiness - Fortunes - Trade
Tariffs decrease the health, happiness, and fortunes of those engaging in trade by:
Steering trade towards inefficient producers.
Smuggling - Goods
Encouraging the covert smuggling of goods.
Rewarding political lobbies rather than productivity and creating vested special-interest groups that depend on government favors for profitability.
Losses - Consumer - Costs - Gains - Producers
Creating dead-weight losses as consumer costs typically far outweigh any gains to protected producers.
Harming domestic producers by provoking retaliatory tariffs from other nations.
Production - Costs - Producers - Imports - Production
Increasing production costs of domestic producers that use imports in their production processes.
As these effects...
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