The European Union has decided that it would be a good idea to make all Europeans poorer starting upon Friday. That’s good news from the people who rule our continent, isn’t it? But that is what they’re doing. For it simply is true that import tariffs make the consumers behind those barriers poorer. The EU is imposing import tariffs upon exports into the EU from the US. No, it doesn’t matter why, what it’s in reaction to nor the realpolitik, these tariffs make us Europeans poorer.
So, you know, thanks guys.
European Union tariffs on products from the United States will go into effect on Friday.
The European Commission announced Wednesday that it had approved initial retaliatory tariffs on US exports worth €2.8 billion ($3.2 billion).
Sure, it’s not a great sum of money but we are still poorer as a result.
U.S. goods, including steel and aluminum products, farm produce such as sweetcorn and peanuts, bourbon, jeans and motor-bikes.
Bourbon will become more expensive in Europe. Thus those who drink it will be poorer if they continue to do so. Sure, of course, they might switch to something else to drink – but the very fact that they currently drink bourbon not that other booze shows that they prefer the American stuff. Having to drink the other will also be their becoming poorer:
The European Union will begin charging import duties of 25 percent
Note what also happens. Those domestically produced items, whether direct replacements or more tangentially related substitutes, face less competition. Their producers will thus be able to raise prices, or perhaps just not reduce them, given that absent competition. This again makes us all poorer.
Again, it doesn’t matter why, nor what any justification might be. Import tariffs make us consumers poorer. The EU is imposing import tariffs – we will be poorer. Thank goodness we’re leaving a system as stupid as this, eh?