Bonus Quotation of the Day…

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… is from page 60 of the 5th edition (2020) of Douglas Irwin’s excellent book Free Trade Under Fire (footnote deleted):

Tariffs and other trade barriers that raise the cost of capital goods mean that each investment dollar buys less capital. This reduces the efficiency of investment spending and can reduce overall investment and growth.

DBx: Indeed – and yet protectionists, against all logic and evidence, nevertheless insist that high tariffs promote investment and growth.