Source: EconLog
by Jon Murphy
“Smith was very much a free trader. He staunchly opposed tariffs designed to disrupt the natural flow of trade (revenue tariffs were less objectionable, but still not great). However, Smith’s approach allows for some exceptions. … Among those exceptions, there is ‘a matter of deliberation’ as to whether tariffs restricting freedom of trade are beneficial. If tariffs can be used in retaliation to open trade with another country (that is, remove their tariffs), then Smith argues temporary tariffs may be desirable:” (04/03/26)
https://www.econlib.org/econlog/adam-smith-and-reciprocal-tariffs