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Do you desire the well-being of all peoples in the world? Free trade is a wonderful way to see this realized. Tariffs only end in spreading misery, a classic case of man’s inhumanity to man. The sooner the U.S. administration realizes this, the better off everyone will be.
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The political and economic outlook undergirding the market order is often called individualism because of the central role of human volition in its unfolding. At the same time, this individualism creates a beautiful community of enterprise, one far more reliable, effective, and life-affirming that the false communities that politics assembles for us.
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Here’s the thing about international trade. When it is interrupted, even if only in a limited way, it affects everything — not immediately, but over time. Costs of production rise. Consumer prices rise. Trade routes are lost. Supply chains are disrupted. Retaliation is inevitable because governments are in control, and this causes more negative effects.
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One of the most common faulty premises that infects discussions of economic policy is the premise that a country is like a private for-profit company, only larger. Nearly everything that the United States President says about trade makes sense if you understand him to believe that the United States economy is a gargantuan for-profit firm.
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International trade is millions of mutually beneficial, voluntary transactions between firms and consumers that happen to lie across international borders. But that’s not how politicians or many in the general public conceptualize it.
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To “buy American,” as the nationalists and nativists demand, is to eschew today’s beneficial products while underrating the benefits of yesterday’s globalization of trade and fearing tomorrow’s.
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Governments should treat each others’ economic policies as given, if only because almost all government interventions artificially help some producers and hurt others. Because every government is forever grasping for excuses to protect politically powerful domestic producers from foreign competition, each government can find such excuses in even the most mundane actions of foreign governments.
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Free traders can only hope that future agreements will be improved and made universal.
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Opponents of free trade wish to prevent you and your fellow human beings from rendering to, and receiving from, each other the greatest possible amount of mutual assistance at improving your lives.
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With the new round of announced and threatened tariffs, we are approaching a policy that coupled with the corporate tax cut, can best be described as a revenue-neutral free trade tax.
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“It is not so much economic as political and philosophical: history must drive toward centralized power under great men and their intellectual advisors. Economic forces must be restricted to the bounds of the nation-state, because those bounds are the limits of the jurisdiction of the powers that be. Trade outside the borders, in this case, represents a kind of treason against state power.” ~ Jeffrey Tucker
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This is perhaps the first lesson, and the most important, that students learn in economics.
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