CHAPTER 27

Tariffs Can Be Useful

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President Trump has announced tariffs against steel and aluminum imports to help domestic industries long suffering from import pressure. Pundits have bemoaned these steps as inappropriate and precursors to a trade war. But one must consider other dimensions in play, which make these announcements useful.

Think of the difficulty with which shifts in policy and diplomatic direction are implemented in Washington. Bureaucrats typically far outlast their current team of policymakers. So, it is often difficult for a well-intentioned appointee to implement change and witness its result.

Trade is only one of the economic ...

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