As the nation prepares to transition from the Trump administration, it’s a good time to reflect on the last four years of trade policy. Here are 10 of my favorite National Taxpayers Union Foundation pieces from this era.
10. Reciprocity for Disaster: “All trade is reciprocal, consisting of mutually beneficial transactions where each party willingly agrees to trade.” Title borrowed from Brink Lindsey.
9. U.S. Manufacturing Layoffs Declined After China Joined the WTO: This one is pretty self-explanatory. I especially like the charts produced by my colleague Courtney Manley.
8. Trump Trade Taxes Will Exceed Obamacare Taxes Next Year: Tariffs are taxes. Coauthored with Demian Brady.
7. Leading Economists Warn Trump, Congress: “Buy America” Provision Would Harm American Response to Coronavirus: NTU Foundation published several critiques of various “Buy American” policies endorsed by the Trump and Biden administrations. This letter from economists remains relevant: “...we can expect our trading partners to adopt retaliatory 'Don’t Buy American' barriers on U.S. exports” if we go down this road.
6. The Trump Administration’s Trade Policy -- Comedy or Tragedy? Commerce Secretary Wilbur Ross’s defense of tariffs was reminiscent of the plot of Office Space. Also includes references to Idiocracy and, of course. Ferris Bueller’s Day Off. Kind of silly, but one of the favorite things I’ve ever written.
5. Toss-up: White House Advisor Peter Navarro's Disastrous Influence On the Economy or Lighthizer Interview Should Be Required Reading for Econ Students. So many misconceptions to debunk.
4. The Picture That Captures the Trump Administration’s Trade Policy: President Trump lectures appliance workers, who rely on exports for 12 percent of their company’s sales, about the evils of globalization. Backdrop: Whirlpool shipping crates labeled “WASHER/LAVEUSE/LAVADORA.”
3. Trump’s Protectionist Triumvirate Continues to Hammer U.S. Taxpayers: The first draft of this included a reference to The Three Stooges, but cooler heads prevailed and we borrowed Daniel Ikenson’s moniker for President Trump’s trade advisors. Includes this U.S. Trade Representative quote: “I’m not in favor of reducing tariffs on the things we need. I would be far more in favor of increasing tariffs on the things we need.”
2. Defense Production Act Failures Illustrate the Folly of Industrial Policy: Sing along with me: "History shows again and again how nature points out the folly of man."
1. More Than 1,100 Economists Join NTU To Oppose New Tariffs and Protectionism: Economists warn president about tariffs. President ignores economists. Every warning from economists comes true.