It seems almost embarrassing to have to rehearse the case for free markets and free trade, a case thoroughly established centuries ago by the likes of Adam Smith and especially Frederic Bastiat. But Donald Trump is determined to make us learn that case all over again, the hard way.
The key argument for free trade is that a tariff on imports may benefit one particular industry or group of producers, but it raises prices for everyone else, including other manufacturers who import the taxed material. You think the country is getting ahead because you see the increased profits for, say, domestic steel producers. The problem, as Bastiat famously pointed out, is what you don't see—or at least, what Trump refuses to see—namely, all of the costs that tariffs impose on other companies and individuals.
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