@Gaius I am very surprised that a “free market” (in quotes because I don’t think the term is all that useful) guy like isn’t more wrapped up about the tariffs.
The models (Ricardo etc.) showing tariffs= bad suffer from a few shortcomings.
The arguments against tariff are correct and applicable . . . . only when we allow for certain assumptions
- there is a level playing field
- when both sides play by the rules
- when both economies are free markets
- when there is no moat created by “first mover” advantage.
- etc.
Those assumptions are simply not true at the moment.
They simply do not apply to the here and now.
Moreover the arguments against them (and they are worthy)
apply equally to
a. tariffs
b. other taxes
c. and deficits
The condition we face now is not “tariffs vs no tariffs” but rather
“Pick one, a, b or c.”
That said, it can also be said:
tariffs = good
tariffs being introduced by a clown show of on-again, off-again chaos = bad