For a country who's economy depends on a great amount of imports the whole tariffs thing makes me want to stock up on popcorn for the months to come. Go to your preferred AI and run the numbers on US imports vs local produce and production.
You'll have to bring back entire industries (and create those jobs) to make this work. Else, the people will pay for this more than the importers.
Isn't that part of the point, to bring back industry and create jobs?
The US literally has to re-establish these markets or pay the tariffed price...
1. Electronics & Technology
Imports: Over 90% of consumer electronics (smartphones, laptops, TVs, semiconductors) are imported.
Main Suppliers: China, South Korea, Taiwan, Vietnam.
Example: Apple designs iPhones in the U.S., but they are manufactured overseas (mostly in China).
2. Pharmaceuticals & Medical Supplies
Imports: About 80% of active pharmaceutical ingredients (APIs) are imported.
Main Suppliers: India, China, Germany.
Example: Generic drugs are mostly manufactured in India and China, despite being consumed in the U.S.
3. Clothing & Textiles
Imports: Over 90% of clothing and footwear are imported.
Main Suppliers: China, Vietnam, Bangladesh, India.
Example: Most major clothing brands (Nike, Adidas, Levi’s) rely on overseas production.
4. Oil & Energy Products
Imports: The U.S. still imports about 35-40% of its crude oil despite being a top producer.
Main Suppliers: Canada, Mexico, Saudi Arabia.
Example: The U.S. refines imported crude oil into gasoline, diesel, and jet fuel.
5. Automobiles & Auto Parts
Imports: About 50% of cars sold in the U.S. are imported, and about 25% of auto parts are foreign-made.
Main Suppliers: Japan, Mexico, Canada, Germany.
Example: Toyota, Honda, BMW, and Mercedes manufacture many of their vehicles abroad and ship them to the U.S.
6. Furniture & Home Goods
Imports: Around 75% of furniture and home decor are imported.
Main Suppliers: China, Vietnam, Mexico.
Example: Many items sold by IKEA, Wayfair, and Walmart are manufactured overseas.
7. Specialty Metals & Rare Earth Elements
Imports: The U.S. imports nearly 100% of its rare earth elements.
Main Suppliers: China dominates the market.
Example: These elements are critical for smartphones, electric vehicles, and military equipment.
I hope we do reestablish these industries. We really need to return pharmacueticals and tech back to the US, even if there's a high cost to do so.
Already Texas Instruments has built a new massive semiconductor plant in North Texas. I'm sure they're not the only one making that kind of domestic investment.
Now do the EU
Tariffs has never work as intended. I can see, or am being wishful, that Trump is using tariff strategically as bargaining chip, but if implemented seriously, it will never work.
