alt Hacker NewsI’m a bit slow in this field. Could someone explain how this quote relates to tariffs? I’ve re-read it three times now, looking for the connection to a tax on imported goods, but I just can’t see it.
I think it’s saying that the US population is crowing about how well we’ve done, and so we should be able to tax whatever imports we want? But what an odd way to say that if so. How well we’ve done seems completely unrelated to tariffs.
Then the quote caps off with some back-patting about how we’ve only been around 250 years, and that our rise is unprecedented. Again seemingly unrelated to tariffs.
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Good question, and I think the misunderstanding is Buffett is speaking against, not for, tariffs here. I’m surprised none of the responses have spelled that out clearly yet.
He’s saying tariffs are making 7.5 billion people dislike us even more, and that jeopardizes our unique position in the world.
He's saying starting a trade war with china is really dumb - you don't want 7.5 people mad at you.
Because we're letting one clown running a circus toss it all on a bonfire because 10% of the population lost manufacturing jobs.
Part of the justification for tarriffs is that America is somehow being 'taken advantage' of by the rest of the world and the tarriffs are the rest of the world finally paying their fair share. The reality is that (until now) America has had a uniquely privileged position in the world economy that got America, in general, very beneficial trade deals.
He's commenting on the attitude driving the tariffs.