Economists have a strong reflex to sigh when we see a headline like "House Passes Tariff Bill to Help Manufacturers," so it was a relief to read beneath it:
The House of Representatives approved a bill on Wednesday to help U.S. manufacturers by suspending import duties on hundreds of raw materials they use to make finished goods.That is, the House is increasing the effective rate of protection by lowering tariffs. Perhaps they're more clever than I thought...
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