Economic nationalism, characterized by restriction on trade and migration toward the goal of political control, has a different sales pitch and cultural feel from the central planning of generations past. But it is no less an attack on free enterprise, industrial rivalry, and consumer control of production. Ultimately it is just another way to undermine property rights, freedom, and the limits on the power of the state.

We’ve got a genuine problem, a new crop of world leaders who are willing to sacrifice economic rationality, international cooperation, and world peace to feed their nationalistic political ambitions via the brute force of protectionism. Trump is leading the way.

A trade war would not only make the United States less productive. It would also make monetary policy more difficult.

The results of this war are as follows. US consumers get to pay more for imports from China. American companies lose markets as Chinese consumers and importers turn to other countries to provide wines, pork, and fruit. And this is only round one. The financial markets have suffered a terrible quarter one, just as all this interventionist rhetoric picked up steam. We are doing ourselves no favors here. This is not how a nation becomes great again.

The goal of feeding the power of the chief executive is always the core motivation of all forms of mercantilism, whether in the 17th century, the interwar years, or our own times.

It’s been a beautiful thing to observe the wonderful effects of the tax cuts and deregulation of the last year. The tariffs take us off this clear path to the goal. The only question remains: is this a cul-de-sac or a u-turn? My own hope is that the political posturing is over in this one sector and we can move forward again with progress toward a world of peace, prosperity, and free trade, and that arbitrary rule will not permanently derail the rule of law in international economic relations.

And this isn’t only about the price of beer (you won’t say “dilly dilly” to $2 Bud Lights). It is about cars, computers, homes, offices, fixtures, and countless other items you use every day. The costs could very easily take away all the benefits accrued from income and corporate tax cuts. It also makes a joke of the Trump administration’s position against red tape and regulation. If my company can’t shop around for the best deal for my customers but instead must face a terrible trade bureaucracy to decline or permission in my every choice, we don’t have free enterprise.

Economists tend to minimize those people who are hurt in the short run by free trade, but they're hard to ignore as a political voting bloc.

The Jones Act prevents Hawaii from prospering from free trade.