Quotation of the Day…

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… is from page 10 my former Mercatus Center colleague Dan Griswold’s superb April 2023 paper with Andreas Freytag, “Balance of Trade, Balance of Power: How the Trade Deficit Reflects U.S. Influence in the World“:

Access to globally priced imports also benefits consumers and domestic producers who depend on imports and global supply chains to produce competitively priced products. The economy is stronger and more resilient because of the ability of American companies to source semiconductors and other critical components from a broad range of global suppliers. This is true of the defense sector as well as private industry.