In recent years, there has been a resurgence of the idea that protective tariffs can restore America’s economic greatness, based on the interpretation that protective tariffs boosted American growth in the 19th century and can be restored again in the 21st century. This claim is not only wrong; That’s dangerous.
Take a look at conservative commentator Oren Kass’ recent comments. He said, “The way America got from a colonial backwater to this gigantic industry that spans the globe was not free markets or free trade. It was aggressive protection of the domestic market.” Former President Donald Trump has echoed similar thoughts in many of his statements about why, if re-elected, tariffs would be a big, important tool to boost the U.S. economy.
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At a superficial level, it’s easy to see why some people think tariffs will promote domestic growth. As Scott Linthicum of the Cato Institute rightly points out, “This issue is a classic case of correlation and causation. Tariffs were high during the period of rapid growth and industrialization in the United States; The argument is that the former caused the latter.
But correlation is not causation. Tariffs were not the cause of America’s prosperity. Not even close.
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