The reason for tariffs is to achieve trade balance. Currently we have a negative imbalance for manufactured goods of nearly a trillion dollars per year offset only by a slightly positive balance for services. To continue this enormous imbalance is to bring financial chaos. The USA simply cannot afford it because the money is coming from greater and greater debt. Most important, it is manufacturing that creates wealth in the USA, not services.
The real answer to the problem of achieving trade balance is by careful independent negotiations with each of our seven major trading partners. Simply put, the dollar value they purchase from us equals the dollar value we buy from them. Our trading partners can reduce prices and/or buy more from us to achieve balance. We need to give them a couple of years to gradually get it done.
Rather than a tariff, we simply warn them we will cut off deliveries to achieve balance. Our trading partners will soon figure out an answer to our mutual benefit. Each partner then begins to produce what they are best at doing. Everyone wins in the long run without a lot of hard feelings and resentment.
Kean W. Stimm