US manufacturing is at an all time high in terms of output. Less people are needed in that sector because it's an area where automation is highest. I agree that there is a national security reason to have tariffs to protect some manufacturing, but that should be a precision targeted tariff if anything.
Your level of paranoia and aggression will vary depending on how hawkish you are. If you’re more hawkish you’ll be more aggressive and make your move as early as possible, and you’ll also tolerate a lot more pain to achieve your goal. Bessent seems pretty determined.
I do think it’s clear that our industrial capacities have eroded. Look at our infrastructure compared to China. We lag on every metric: transportation initiatives, building projects, solar production, new energy plants, and so on. Manufacturing is just 1/10th of the “full stack”.
I’m not making any political commentary as to whether tariffs are the right move or not, I’m only explaining the line of reasoning.
