Loading ...I don’t know anything about the UK. All I know is after I got out of high school in 1962 until 1969, we made all our needs here, and we lived very good. Probably because of a shortage of labor.
I got a job as a model maker apprentice $1.75/hr. I bought a new 1963 Pontiac tempest with a three year loan. Four other friends bout the same car. The biggest car buying group were under 25 years old. I got married in 1965 had two kids and my wife didn’t need to work.
When I needed a vernier caliper and a calculator made in the USA cost me one weeks pay each. When the Jap stuff came in they cost one days pay. We paid high prices because we were getting paid high.
The quality of the cars during the 1940s 1950s and up until 1970 were very good, but the quality started declining as the imports started coming in so our manufacturers had to cut corners, while the imported car manufacturers didn’t have to pay for employee benefits, so they could afford to make them very good. Plus I’m sure the currency exchange rates and tax incentives helped importing them. Rat poison.
As for the tariffs? We had to do it to something to curb or inhibit the imports like all the other countries did to us. The USA is no more Mr. Niceguy, the good guys always finish last.
As for importing inflation or deflation, we have nothing to lose because we already lost. As for pain during the reversal or transition? No pain no gain. Like somebody breaking a bad drug habit and wants to stop, he has to go thru the pain of withdrawal.
Besides all that I think the rest of the world knows that of the US economy with a $36 trillion national debt is a time bomb, and if the US dollar and US economy crashes the rest of the world is in big trouble. That may be why they are being cooperative.