Free trade makes the nation and its citizens more prosperous. Free trade enables us to buy better goods at lower costs. Scarce capital is invested in higher value-added goods. Free trade encourages investment in cutting-edge goods. Free trade stimulates national productivity, the true measure of…
Today, however, populist politicians from former President Donald Trump to President Joe Biden use protectionism as a fig leaf for narrow partisan interests. In order to win over voters working in industries exposed to international competition, Trump imposed tariffs on close allies such as Canada. Trump said the tariffs would help domestic workers and promote national security.
The Biden administration is continuing Trump’s tariffs on China. That is good policy. China does not practice free trade. China is an enemy of the U.S. National security trumps free trade. But with the green energy provisions of the Inflation Reduction Act, the Biden administration is as protectionist as the Trump administration. The "Buy America" provisions of the Inflation Reduction Act put at risk the framework of free trade, which has promoted prosperity and security.
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