Dominated by power-hungry expansionary globalist entities for decades: It would appear that the emaciating American people have finally had enough and are now demanding change to the status-quo.
It was natural; the eternal search for cheaper resources all in the name of prosperity. Maximize shareholder value, minimize costs, why pay an American worker a living wage when you could get the ‘same product’ for pennies on the dollar exploiting slave labor found cheaply and abundantlly across the sea? The politicians certainly encouraged it.
Unfortunately, everything has limits. The American people; once prosperous, dynamic, thriving, today find themselves languishing, low wages, depression, unable to purchase the very same products they once proudly manufactured..
Tariffs have a long complicated history in American politics & economics.
Once, the main source of all Federal revenue (as high as 95%.)
Today: imported goods subject to tariffs in America are at a historic low.
Tariffs were effective in achieving this goal. Perhaps, the industry that found the greatest success was the steel industry.
Everything changed after World War II.
The world was in ruins and there was a concerted effort to unify nations.
Trade barriers collapsed as the Western World unified under GATT (General Agreement on Tariffs & Trade.) GATT was signed by 23 nations in Geneva on October 30, 1947 and encompassed a 'substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantafeous basis.'
The agreement lasted for 47 years until globalization was taken to the next level.
The Uruguay Round Agreements of April 14, 1994 inked the WTO (World Trade Organization) and 23 nations became 123.