… is from page 170 of my GMU Econ and Mercatus Center colleague Tyler Cowen’s 2019 book, Big Business: A Love Letter to an American Anti-Hero:
Trump in some key regards likes to favor crony businesses, but it is hard to avoid the suspicion that he does not really know business works, in spite of having spent his whole life in this vocation.
DBx: Case in point: Trump’s obsession with protective tariffs – tariffs that in the U.S. fall on imports well over half of which are inputs used by American businesses to produce. Indeed, a strong case can be made that nearly all imports are inputs into production processes in the U.S.
