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"Buy American" Means Bye-Bye Prosperity

Tweet [1]

The great trade economist, Douglas Irwin of Dartmouth, warns in today's New York Times against the dangers of protectionism.  Here are Doug's closing lines [2]:

When the United States imposed the Smoot-Hawley Tariff in 1930, it
helped set off a worldwide movement toward higher tariffs. When
everyone tried to restrict imports, the combined effect was a deeper
global economic slump. It took decades to undo the accumulated trade
restrictions of that period. Let’s not make the same mistake again.