Trump is sooooo wrong on tariffs
The Donald wants to micro and macro manage the economy and is obsessed with trade "imbalances"
In a wide ranging interview with Fox News host Bret Baier, President Trump reiterated his concern about US trade deficits with Canada, Mexico, the EU, and China. Th President asserts this is “unfair” and evidence these countries are “taking advantage” of the US.
First, nations do not trade. People and businesses trade for their mutual advantage, and it does not matter where they live. Trade is the lifeblood of civilization. Trade promotes prosperity. Individuals and businesses specialize in the production of goods and services where they have a “comparative advantage.” In other words, trade is a result of human action—the essence of economics. . Restricting trade or imposing tariffs s creates winners and losers.
Trump let the cat out of the bag when he stated that there would be no tariffs on Canada if it became the 51st state. So if Canada became a state there would be no tariffs, but the State of Canada would still have a deficit with the other 50 states.
Bret Baier did not challenge Trump’s assertion that trade deficits are harming “America.” If that is so, why do people continue to buy goods from overseas businesses? Moreover, Baier should have asked Trump if Mar-a-Largo has “trade deficits” with companies in West Palm Beach, Palm Beach County, Florida, and the rest of the country. Undoubtedly, Trump’s resort buys food, linens, utilities, and probably of dozens of other goods and services who rarely patronize the high end club and catering business.
Does Trump have anxiety attacks or panic attacks because of Mar-a-Lago’s chronic trade deficits with local, regional, and national businesses? I doubt it. So why is he obsessed with the nonproblem “trade deficits” Americans have with the rest of the world? The truth is foreigner sellers take their dollars and invest them most likely in the US and purchase services from American companies.
Trump’s so-called populism is in reality crony capitalism. He needs to go back to the drawing board and advocate for free markets, sound money, and a constitutional federal budget.
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Trump wants a US sovereign wealth fund.
The WSJ on “dumbest trade war.”
Tom DiLorenzo on Trump’s hero, President McKinley.
Rothbard’s monograph on the why the dollar should be as good as gold.
One of the best essays ever published in the WSJ by Greg Ip. Ip’s essay on risk and insurance explains why we have a huge welfare state. Risk has been socialized in America.
Tom Woods interview Tom DiLorenzo about the Axis of Evil.
Tom DiLorenzo’z pamphlet, Axis of Evil, is now available at the Mises Institute.
Order a free copy of Rothbard’s money and banking classic monograph. Or, you can read it online here.
My December 10 talk on medical care.
Bob Murphy interviews Dr. Keith Smith of the Surgery Center of OK.
Latest podcast on healthcare with host Johnathan Westover; Incentivizing wellness podcast with Bernadette Pajer; the Human Action podcast with Bob Murphy on my American journey; Joseph Cotto and I discuss Argentina and the US, and the Human podcast with Bob Murphy on healthcare; Robert Scott Bell and I discuss healthcare on the second hour of his podcast.
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Murray Sabrin, PhD, is emeritus professor of finance, Ramapo College of New Jersey. Dr. Sabrin is considered a “public intellectual” for writing about the economy in scholarly and popular publications. His book, The Finance of Health Care: Wellness and Innovative Approaches to Employee Medical Insurance (Business Expert Press, Oct. 24, 2022), and his other BEP publication, Navigating the Boom/Bust Cycle: An Entrepreneur’s Survival Guide (October 2021), provides decision makers with tools needed to help manage their businesses during the business cycle. Sabrin's autobiography, From Immigrant to Public Intellectual: An American Story, was published in November, 2022.
And we thought we were getting rid of the socialist Swamp. Nope...Trump wants to have a more centralized government and perhaps he wants to use A/i to control it from a central source. That would be the deep pit of the DC swamp.
We do not need a 51st state of Canada which would add about 20 million leftists to the voting ranks. Trump has some good ideas and is trying to make a few waves but he is mostly like all the doctors...brain dead because they are indoctrinated and refuse to look at alternatives. Tariffs are a no-go as they will cause trade wars.