Tariff Talk: Another Bipartisan Illusion
The Financial Times notes that 'bashing Trump’s tariffs' is becoming a 'bipartisan sport' in Washington. Suddenly, congressional Republicans, those stalwart defenders of their party leader, are finding their voice against import taxes, joining Democrats who have long championed 'free trade' dogma. One might almost believe principles were at stake. Curiously, this newfound harmony emerges after
years of these same tariffs having already netted the US Treasury billions – over $200 billion from China alone by early 2024. The sudden bipartisan distaste for protectionist measures, especially those initiated by a Republican, conveniently sidesteps the consistent push from corporate lobbies, particularly the Business Roundtable and the US Chamber of Commerce, who funnel millions into political
campaigns to ensure open markets for their global supply chains. Recall the Smoot-Hawley Tariff Act of 1930, which escalated protectionism and deepened the Great Depression; the lesson was ostensibly learned, yet tariffs persist when politically expedient. This isn't a principled stand against trade wars; it's a strategic pivot. The globalized corporate giants, whose bottom lines feel the pinch of
even modest tariffs more keenly than the average consumer, are expressing their displeasure. Their financial leverage over both parties ensures that when they speak, Washington listens, irrespective of who occupies the Oval Office. The establishment ensures its preferred narrative, and its profits, prevail. What appears to be bipartisan consensus is simply the unified voice of capital. So, while