We Did It To Ourselves
This week Trump implemented his tariffs universally at 10% and much higher tariffs than that on some countries in particular. Although a few Republicans protested, the vast majority have been deathly silent. The party that claimed to stand for economic freedom has been completely silenced as they have been bound to their leader. I take no delight in this as I wasa a Republican because I believed (and still do) in the freedom of the individual to pursue their lot in life as much as possible as they see fit in both the economic and civic spheres of life. It became apparent several years ago that the GOP had abandoned these commitments, and has wholly embraced power to implement reactionary policies and just plain old authoritarianism.
Free trade is a critical part of economic freedom. Not only does it tie the world together in largely peaceful ways, it is the freedom of people to purchase goods and services from wherever they wish to. It also allows different countries to more efficiently allocate resources to industries that it has a higher degree of ability to specialize in. To be a service based economy is not a bad thing, and America makes a lot of things, but it is mostly high-end things like jets, and other expensive goods. We should not wish to go back to making textiles and paper. We aren’t getting screwed over by other countries because of trade, but we are richer overall for the trade environment we have lived in for 80 years. As Tyler Cowen has noted, we will be poorer and have a future with few and more expensive choices. We did this to ourselves.