Source: Foundation for Economic Education
by Benjamin Seevers
“Tariffs are not going anywhere in 2025. There is no indication that the protectionist rhetoric embraced by President-elect Donald Trump has changed; in fact, the evidence suggests that tariff policy will worsen. Given this climate, it is important for economists to make the case for free trade. Of course, tariffs raise the price of tariffed goods and benefit domestic manufacturers at the expense of domestic consumers and foreign producers. These drawbacks are well known. However, there are also some less well known effects of trade restrictions.” (11/23/24)