economicnationalism
During former President Donald Trump's term in office, he promised that higher tariffs on American imports would reduce the country's large trade deficit. At the time, many economists disputed that notion. Tariffs might marginally reduce the import side of the trade ledger, but they also reduce economic output (and therefore exports), so the net effect on the trade deficit was likely to be minuscule, they warned. No matter. In 2017, the White House's official Trade Policy Agenda highlighted how America's manufacturing trade deficit had grown from $317 billion in 2000 to $648 billion in 2016. T...
Reason
In an interview published this week by The New York Times, Sen. J.D. Vance (R–Ohio) calls for a more muscular federal government to intervene even more aggressively in the economy than it already does, to create what Vance calls "incentives" for American workers. In doing so, Vance inadvertently reveals one of the major flaws in this line of analysis. Vance's opinions about these things carry significant weight, in no small part because he's on the shortlist to be Donald Trump's running mate. With an eye towards that possibility, the Times' Ross Douthat asked Vance to explain his "populist eco...
Reason
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