No idea what you’re giving context to, but I find the quote interesting. A core principle of capitalism is competition. Competition is what breeds ingenuity, advancement, and lower costs. Imposing tariffs to keep competition out should have the opposite effect. Say you’re the CEO of Ford, and you just heard your main competition has raised their prices by 100%. What would you do? You’d also raise your prices by 100% and reap massive profits.
No idea what you’re giving context to, but I find the quote interesting. A core principle of capitalism is competition. Competition is what breeds ingenuity, advancement, and lower costs. Imposing tariffs to keep competition out should have the opposite effect. Say you’re the CEO of Ford, and you just heard your main competition has raised their prices by 100%. What would you do? You’d also raise your prices by 100% and reap massive profits.
That makes zero sense. The other car companies would keep their prices the same and ford would go out of business.
Except that Dodge, Chevy, and Tesla all exist and compete with each other. Plus anyone who manufacturers here, like Toyota.
This is just keeping American factories open.