Here are Gene Epstein’s opening remarks in his recent Soho Forum debate with Steve Moore on trade. (Steve continues, disappointingly, to support Trump’s
tariffs punitive taxes on Americans who buy imports.) A slice:
To justify Trump’s punitive tariffs, Steve should be able to demonstrate beyond a reasonable doubt that the leader we’re supposed to trust with this trade war understands the benefits of free trade. Yet Trump is almost completely clueless on the subject. He clearly views the nation’s trade deficit as a businessman’s profit-and-loss statement, in which losses are suffered with a trade deficit, and profits are earned if there’s a trade surplus.