Gov. Ron DeSantis (R-FL) recently pledged that he would continue former President Donald Trump’s trade war with China. DeSantis stated, “You need to couple that with tax incentives, tax credits, and even, for things that are really important, like semiconductors … government support.”
Precisely how tax incentives or tariffs differ in principle from so-called “government support” — consisting of payouts on the model of the CHIPS Act of 2021 — DeSantis left unclear. He assumes that subsidization, not deregulation, would best entice businesses to manufacture domestically.DeSantis seems unwilling to accept the fact that Trump’s trade war was a failure. While Trump’s protectionist rhetoric fired up his economically populist allies, everyone else paid the price.
“[T]he trade war has hurt the U.S. economy and failed to achieve major policy goals — resulting in a peak loss of 245,000 jobs,” reads a report from the Atlantic Council. “Specifically, the U.S. tariffs have been paid, not by China as the Trump administration claimed, but by U.S. importers and consumers.” Moreover, American agricultural exports in 2018 totaled little more than a third of 2017 levels, recovering only barely in 2019.
DeSantis’s trust in domestic manufacturing subsidies for products of great significance to national security — e.g., semiconductors — also seems ill-placed. Many conservatives supported the CHIPS Act, which provided $52 billion in manufacturing incentives. However, as conservatives often note, a policy’s worth stems from its effects, not the aspirations of its proponents, however noble. By that standard, the CHIPS Act will fail.
“Even aside from the astronomical building costs explained by Huang, the cost of producing chips in Arizona could be as much as 100 percent higher than the cost of producing the same chips in Taiwan,” report policy analysts Jordan McGillis and Clay Robinson. “TSMC will produce many chips in Arizona but continue to advance its cutting-edge production elsewhere for cost reasons, leaving Arizona as a legacy producer and leaving our military in the same position of foreign dependency a decade hence.
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