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The problem with Trump’s tariff plan

(Paul Mirengoff) Trade policy is like immigration policy in the sense that whichever policies are selected, there will be winners and losers among Americans. For example, to oversimplify, tolerating illegal immigration hurts Americans who lose work to illegal immigrants or have their wages driven down. But it helps businesses that rely on cheap labor, their customers, and those well-off Americans who want cheap gardeners and the like.
Trade policy, such as tariffs, also produces winners and losers. But it differs from immigration policy because the winner/loser divide is less defined by economic class. Some industries win and others lose. Workers in some industries win while workers in other industries lose.
The other difference is that economic theory is pretty clear in teaching that the overall economy tends to be enhanced by free trade policies. There is no such consensus when it comes to immigration policy.
This article in the New York Times

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