Tariffs Raise Prices, Cost Jobs and Don’t Help Anyone: Editorial

From Wall Street to Washington, tariffs have been the subject of much anxious conversation in recent weeks. As Americans debate the wisdom of the administration’s on-again, off-again trade barriers — the latest was a threat issued Tuesday to double tariffs on Canadian steel and aluminum, now apparently in limbo — a few broad points are worth bearing in mind.

One is that these measures are a tax on Americans. Foreign countries don’t simply pay up; US companies do when they import a product. This means that the costs are ultimately borne by consumers and by companies that use imported inputs. The effect of ...