Tariffs are not a tool for addressing inflation. I thought this was easy to understand. Tariffs are a way to protect specific industries a country values and wants to have within its own borders. If computer chips and solar panels are essential, you might place a tariff on such imports to encourage and sustain the development in these sectors within your country. Simply put, the U.S. standard of living and wages are high enough that many things will be less expensive if imported. Blanket tariffs are going to raise prices and will increase inflation. Corporations unable to compete with foreign production may benefit, but you won’t.
There will also be repercussions as other countries respond in kind. Our farm economy is such that we produce certain products – soybeans – that are less expensive than can be purchased elsewhere. However, this won’t be the case with tariffs other countries will impose in response to our tariffs. There are other sources for ag products. The U.S. government will increase subsidies for farmers costing the rest of us money in taxes. You and I lose whether goods are coming or going. This is basic economics that should have been easy to anticipate.