The Elementary Economics of Tariffs and Protectionism

Source: EconLog
by Pierre Lemieux

“Trade is the essence of economic (and social) life. Individuals specialize in what they do best (or least badly) and sell their products for lower prices than less efficient producers could quote. Buyers and final consumers thus obtain more for less: they sell their labor services to productive and competitive businesses at home and buy their goods from the most productive ones, whether the latter are in the same town, the same state or province, or across national borders. A tariff interferes with this process. Competition and trade do create disruptions, but there is no other way to maximize general prosperity.” (02/02/25)

https://www.econlib.org/the-elementary-economics-of-tariffs-and-protectionism/