Economist Steve Hanke has highlighted a concerning side effect of U.S. trade protectionism. Beyond the immediate financial strain on consumers and businesses, Hanke argues that tariffs are inadvertently fostering corruption. According to him, politicians increasingly depend on lobbyists to navigate and secure tariff exemptions, creating opportunities for unethical practices.
This dynamic not only undermines the integrity of political institutions but also distorts fair market competition. As tariffs make goods more expensive, the pressure on businesses to obtain exemptions grows, leading to a reliance on influential lobbyists who may prioritize their own interests over the public good.
Hanke's insights shed light on the broader implications of protectionist policies, suggesting that the pursuit of economic protection can have far-reaching consequences for governance and ethical standards.
Reference(s):
cgtn.com
