Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently.
In developing countries, lack of infrastructure is a far more serious barrier to trade than tariffs.
Global demand for dollars has supplanted demand for manufactured goods and services, resulting in multilateral trade deficits and loss of jobs at home.
Trump said we got snookered. That those agreements like NAFTA were the worst agreements ever and suggested that our trade negotiators were snookered by these smart negotiators from Mexico or Africa. It is laughable. I have watched these trade negotiations. We got what we wanted.
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