Part 6/9:
In Schiff's worldview, the tariffs affect Americans disproportionately, while the rest of the world will adjust accordingly. Foreign manufacturers and consumers will recalibrate their supply chains and markets to accommodate shifts in demand. He pointed to the billions of consumers globally who can consume goods previously sold to Americans, suggesting a self-correcting economic landscape where foreign markets quickly adapt without relying on U.S. imports.
This leads to the notion that the rest of the world might welcome a new era of consumerism, free from American dominance. Schiff argued that countries have the capability and resources to produce for themselves, which negates the argument that U.S. economic might will maintain its grip on global markets.