It seems the real problem with tariffs is the rapidity of them. If the US wants to encourage more manufacturing at home, fine. But as you note, just applying them suddenly is ruinous. I would think a much better approach would be that any new tariff must be slowly ramped up over a decade. Or maybe a hard rule that any individual tariff can’t change by more than 2 percentage points a year. This way tariffs could still be a policy tool that can be raised and lowered based on national interest, but they would change slowly enough that industry could actually adapt.
It seems the real problem with tariffs is the rapidity of them. If the US wants to encourage more manufacturing at home, fine. But as you note, just applying them suddenly is ruinous. I would think a much better approach would be that any new tariff must be slowly ramped up over a decade. Or maybe a hard rule that any individual tariff can’t change by more than 2 percentage points a year. This way tariffs could still be a policy tool that can be raised and lowered based on national interest, but they would change slowly enough that industry could actually adapt.