TRADE POLICY NONSENSE

I sure hope the current controversy over Bush’s steel tariffs puts to rest the fallacy that protectionism is in the “national interest.” Here’s a clear case where wine for one interest group (steel producers/workers) is poison for another (auto producers/workers, among others). “Buy American” is not only wrong-headed; it’s also incoherent.

P.S.: I'm taking great pleasure at Bush's predicament.