Bonus Quotation of the Day…
by Don Boudreaux
on June 3, 2018
… is from Tunku Varadarajan’s June 2nd Wall Street Journal interview with the great trade economist Doug Irwin:
Mr. Trump may be the first openly protectionist president since Hoover, but what Mr. Irwin finds most frustrating about him is that “he never really defines what a ‘better’ trade deal is. His judgment of trade comes down to the trade balance, which he uses as a sort of ledger, as a businessman would, rather than think more broadly about the national economic impact of trade.” It is impossible for every country to run a trade surplus, but “Trump thinks about trade in these zero-sum terms, about whether there’s profits or losses, and he views exports as good and imports as bad.”
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