Does Protectionism Protect?

Source: EconLog
by Jon Murphy

“In a National Review article documenting the failure of steel and aluminum tariffs to accomplish their stated goals, my friend and GMU classmate Dominic Pino writes: ‘The case for protectionism can be framed as the government making you a little poorer for your own good. The problem is that the ‘making you a little poorer’ part usually happens, and the ‘for your own good’ part usually does not.’ I, too, have documented the failure of the protectionist tariffs started under the Trump Administration and perpetuated under the Biden Administration in accomplishing their stated goals. Jobs have not been created, new firms have not come about, production has not expanded. Americans are paying significantly more for various goods and services, but are not getting the supposed benefits from protectionism.” (03/24/24)