From the American Journal of Transportation comes words of wisdom about freedom and free markets from a business mogul.
FedEx Corp. is worried about President Donald Trump’s tariffs.
Such measures are “counterproductive to economic growth,” Chief Executive Officer Fred Smith said on a conference call Tuesday to discuss earnings. Smith said he was “concerned” that Trump’s plans to impose trade duties would undermine a broad-based global expansion and dent the benefits of lower U.S. corporate tax rates.
“The better approach is to encourage open markets and free exchange of products and services and to reduce barriers to trade,” Smith said on the call. He went on to instruct listeners to search for the dictionary definition of tariff, calling it “a tax or a duty to be paid on a particular class of imports or exports.”
Yep. Tariffs simply protect a chosen industry or company, all the while producing many more losers than winners.
