All trade is good, even when it results in a deficit. This may be economics 101, but it is amazing how quickly it falls victim to contrary political thinking when international tensions run high.
One of the ironies of trade protectionism is that tariffs and import quotas are what we do to ourselves in times of peace and what foreign nations do to us with blockades to keep imports from entering our country in times of war. Or consider that we impose sanctions on U.S. enemies such as North Korea, Russia and Iran because we want them to feel the economic pain of being deprived of imports. But now we are imposing sanctions on our own country by punishing with tariffs in order to make Americans more prosperous. If ever there were a crisis of logic, this is it.
Looming large in the stimulus package passed by the U.S. House of Representatives Wednesday is the expansion of "Buy American" provisions that discriminate against foreign goods and services inU.S. government procurement.
The Height of Idiocy - LewRockwell LewRockwell com lewrockwell.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lewrockwell.com Daily Mail and Mail on Sunday newspapers.