>The right way to go about things would be to shore up US manufacturing capabilities first
The US has basically "full employment" (the economic measure when more employment is inflationary). In a vacuum the idea that you're "bringing home the jobs" makes sense, but it makes zero sense when you simply don't have the capacity to build more. If Americans thought inflation was unacceptable under Biden, they're in for a real shock now.
Americans have no idea how good they have it. They're the biggest consumer of goods on the planet, and basically want their cake and to eat it too. It doesn't work like that.
And really, the US essentially has balanced trade with Canada, and if you exclude oil the US has a massive trade surplus with Canada. So when Canada and Mexico both "shore up" their own capabilities and stop buying the $1T of goods from the US, where does that leave the US? It enjoys a massive internal economy -- an irrationally large one -- but much of that is illusory and built on a myth.
Liberal trade is the reason the US became the richest country on Earth. Trump thinks everything is easy and is about to crash it to the ground.
This also pushes long term bond rates higher to price inflation into the yield, pushing both government borrowing and long term consumer borrowing (mortgages) costs higher.
I don't know why the left always presents this "full employment" thing when defending the Biden administration when they know full well how misleading that is and who are not counted in those numbers and the fact that it does not account for "under-employment", it's kind of intellectually dishonest. You can make these implications that inflation will get much worse under Trump but I doubt anyone on the left will come back with any admission or credit when it turns out to be false, surely they will just say "it was really Biden's economy that got better" or something to that effect.
The US has basically "full employment" (the economic measure when more employment is inflationary). In a vacuum the idea that you're "bringing home the jobs" makes sense, but it makes zero sense when you simply don't have the capacity to build more. If Americans thought inflation was unacceptable under Biden, they're in for a real shock now.
Americans have no idea how good they have it. They're the biggest consumer of goods on the planet, and basically want their cake and to eat it too. It doesn't work like that.
And really, the US essentially has balanced trade with Canada, and if you exclude oil the US has a massive trade surplus with Canada. So when Canada and Mexico both "shore up" their own capabilities and stop buying the $1T of goods from the US, where does that leave the US? It enjoys a massive internal economy -- an irrationally large one -- but much of that is illusory and built on a myth.
Liberal trade is the reason the US became the richest country on Earth. Trump thinks everything is easy and is about to crash it to the ground.