If tariffs are imposed on foreign imports, our US exports are reduced. Foreign exporters have less money to purchase US goods and services because of tariffs. Had there been no tariff, they would have bought more USD to purchase US goods and services.
I never saw an economics student transfer into the physics department.
If tariffs are imposed on foreign imports, our US exports are reduced. Foreign exporters have less money to purchase US goods and services because of tariffs. Had there been no tariff, they would have bought more USD to purchase US goods and services.
Does Cass make the (classic but simplistic) mistake that trade is a zero-sum game? Seems like it.
I don't know. I've never seen him say that, of course, but it might be implicit without his even knowing it.