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Tariffs are Terrible

The Trump administration rolled out a new set of tariffs, which call for a 25% tax on imported steel and a 10% tax on imported aluminum. The ramifications of this policy have already somewhat been felt, with the stock market suffering another drop and Gary Cohn, Trump's economic advisor, resigning. However, the actual impacts of tariffs are even worse, especially compared to the long-term benefits of free-trade.
      Tariffs are a form of economic suicide. Quite simply, when the United States puts tariffs on Canadian imports, it drives Canada to impose tariffs on American imports - and this hurts the economies of both nations. In the case of the United States, making steel more expensive hurts automobile manufacturers who need steel to manufacture cars. Additionally, those same automobile manufacturers will likely see their exports taxed by the Canadian government, which hurts their business even more. The only winners, in this case, are a few steel workers - but even they w…

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