The protectionist tariff aimed at the Chinese tire industry by the Obama administration has not received a whole lot of attention. Here are two links where you can read about the Chinese reaction, (not a very positive one). If this is how we treat our creditors, no wonder no one wants to buy our debt!! There is also a good WSJ editorial here.
For those of you who would like to know more about how these kinds of tariffs affect real-life economies, especially those that are financially fragile, I recommend two books. The Forgotten Man by Amity Shlaes is a history of the Great Depression. The entire book is very good, but if you simply want to understand how the Smoot-Hawley Tariff negatively impacted the economy, she includes plenty of information on it. (Smoot-Hawley is a very good example of a protectionist tariff). Economics in One Lesson by Henry Hazlitt devotes the entirety of Chapter XI to protectionist tariffs and who really benefits from them.
Information is power; educate yourself!!
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