Bernie Moreno's Take on Tariffs: A Permanent Fixture in the U.S. Economy

Tariffs Are Here to Stay

Republican businessman Bernie Moreno, who successfully ousted incumbent Senator Sherrod Brown (D) in Ohio, firmly stated that tariffs are ‘not going anywhere’ in a recent interview on Fox News. Moreno remarked on President-elect Trump’s aggressive stance regarding tariffs and how it would shape economic policy moving forward.

The Economics of Tariffs

Moreno emphasized the necessity for a tax policy that penalizes companies outsourcing jobs while incentivizing those who repatriate jobs back to the U.S. He articulated that Trump’s tariff strategy includes a standard tariff ranging from 10 to 20 percent on all imported goods, which is aimed at attracting foreign investment and revitalizing the domestic manufacturing sector.

• Impact on Trade Agreements: Economists are wary that such tariffs could strain existing trade agreements, causing repercussions even with long-standing allies.
• Focus on the Middle Class: Moreno articulated that the government’s priority should be enhancing the middle class, as it is the backbone of a healthy economy.
• Rationale for Tariffs: By restricting imports, Moreno believes that investment will flow back to America, thus fortifying local businesses.

Looking Ahead

Moreno concluded by reinforcing that a thriving and expansive middle class should be the ultimate goal. He characterized the rich as ubiquitous across the globe but underscored that the true marker of America’s success is its vibrantly growing middle class. “We need to deliver to those people,” he asserted, hinting at potential policy shifts on the horizon.