will have to be done somehow. The Great Depression came about partly because of the same economic strategy. (They imposed tariffs at a time when the economy was already struggling. It didn't work. It won't work this time.)
It is actually even less likely to work this time because the world is a very different place. Trade is a much bigger international affair. All countries have other trade agreements in place. I am no economist and I may even be completely wrong but I doubt it. I see tariffs as increasing the price on everything a country imports. It will not make home made goods cheaper unless they are already available for less the price and are better quality. That just does not happen.
Downunder is going to have eat humble pie and return to real negotiations with the European Union and the United Kingdom. We were too arrogant last time. It is going to have to build stronger ties outside the Asian region. Yes, I have been saying that for a long time. So have many other people I know. Our politicians do not seem to be listening.
Yes, our beef farmers are worried about the likely effect tariffs will have on their industry. The reality is that successive governments in this country have been lazy about that. They have assumed that the US market was there for the long term, that our beef would always be wanted. What a shock to discover they might be subject to tariffs! They should have been preparing for this from the time that it looked likely President Trump would win first time around. People know how he thinks. They just do not want to believe it will happen. The US is a big market from our perspective. From the perspective of the US it is a small market. Cutting out our beef completely would have no effect at all on the ability of America to feed itself.
As a country we are lazy, very lazy, about marketing our goods and services. Some of us think we are "too small" to be able to bargain effectively but high quality goods and services are always needed. Wherever there is a need then there surely has to be some negotiating power? We need to lift our game and lift it urgently if we are going to survive.
If tariffs do nothing else at all perhaps they will be a wake up call for this country. I am not sure that will work though. If we re-elect the present government then their determined Asia-centric focus is not going to help us find new markets despite the platitudes from the Trade and Foreign ministers.
Tighten your seat belts. We are in for a very rough ride.