Everybody I know keeps telling me that tariffs won’t work, while I continue to stumble on instance after instance in which they work just fine.
Let me define what “work” means.
In my definition, the USA imposes a tariff on goods made in China, thereby making US-made products more attractive, and the company who makes the Chinese manufactured goods takes some action that somehow improves the US economy. That sound fair?
In this instance, we have the Stanley Black & Decker tool manufacturing company that bought the Craftsman brand from the failing Sears company moving production back to the United States.
Winner, winner, chicken dinner!
“When we purchased Craftsman in 2017 we were determined to revitalize this iconic U.S. brand and bring back its American manufacturing heritage,” Stanley Black & Decker President and CEO Jim Loree said in a statement. “From the launch of Craftsman’s refreshed brand identity last year to our announcement of the first new manufacturing facility in many years, we’re demonstrating our continued commitment to grow the brand and bring even more production of these great products back to the United States.”
When Jim Loree says he wants to refresh the brand identity, he is also planning on a $1B impact on sales by 2021.