Argentina's lesson for Trump: Tariffs made poverty worse
CNN Money - 4/7/2017 - Patrick Gillespie - Make it in the United States or face a big border tax. That's President Trump's warning to companies if they move jobs to Mexico. It also echoes a policy Argentina tried before that didn't work out so well.
In 2011, Argentina's then president Christina Fernandez de Kirchner imposed a 35% tariff on imported cell phones, computers and tablets. It was meant to protect manufacturing workers. Some companies like Blackberry (BBRY, Tech30) did move jobs to Argentina; others such as Apple (AAPL, Tech30) passed. As a result, Argentina became one of the most expensive places in the world to buy iPhones and iPads. Phone stores stopped selling them -- they could only be bought from online vendors or the unofficial, black market. Read more @ http://money.cnn.com/2017/04/07/news/ec ... ?iid=SF_LN
In 2011, Argentina's then president Christina Fernandez de Kirchner imposed a 35% tariff on imported cell phones, computers and tablets. It was meant to protect manufacturing workers. Some companies like Blackberry (BBRY, Tech30) did move jobs to Argentina; others such as Apple (AAPL, Tech30) passed. As a result, Argentina became one of the most expensive places in the world to buy iPhones and iPads. Phone stores stopped selling them -- they could only be bought from online vendors or the unofficial, black market. Read more @ http://money.cnn.com/2017/04/07/news/ec ... ?iid=SF_LN
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