The US credit rating has been downgraded and China is scolding us over our “addiction to debts”.
So why don’t we do what they do? Why don’t we tax imports, use duties and tariffs to generate huge amounts of tax revenue and in the process protect our domestic companies and industries?
China uses duties and tariffs to protect their domestic companies and industries, and generate revenue they then use to purchase our debt (and subsidize their domestic companies so they can lower the prices of their products exported to the US and destroy our domestic industries).
Why is it every County in the world can ship goods to the United States without having them taxed?
For example, Canada, our NAFTA neighbor, collects revenue off US products being sold and shipped there. Our small company loses significant sales to Canada because of the charges. It is so bad, there is a company called “Ship Happens” that many Canadians use as a US shipping address, and they then cross the border and pickup the goods so they can avoid paying the “taxes” and other charges.
In contrast, I can purchase goods from all over the world (and do using eBay) and only pay the shipping charges, not one dime is collected by our government.
How stupid are we? Collecting duties and tariffs and other fees (like other countries do) would provide revenue to our government without having to increase the tax burden on US residents, and yet we give every country in the world a free ride (unless a dumping or other lawsuit is won) and then turn around and borrow money from them.