Please see my latest wire for The American Spectator, ‘Making a Case for Trump’s Entrepreneurial Inaugural Address’:
Hell’s Justice Department issues forth this “Devil’s Advocate” brief…
We are compelled to respond to the Institute of Economic Affairs’ policy head Ryan Bourne’s excellent analysis of President Donald Trump’s paean to protectionism in his first Inaugural Address. (See how we devils like to taunt our colleagues in the #NeverTrump department?) In response to the President’s admonition to “Buy American and Hire American,” Bourne replies that “If Trump goes down the protectionist route, he’ll be hurting American consumers and the growth potential of the US economy.”
In general, we agree with Bourne on the benefits of free trade: lower prices, greater and more diverse availability of goods and services, specialization as a facet of the division of labor, greater productivity, and overall more wealth for all. Yet it also behooves us to mention drawbacks to free trade, for those who lose their jobs to foreign competition and who must either take up new employment with lower emoluments, re-train, or relocate to more financially promising communities. Some, sadly, will find all these alternatives unpalatable or impossible to fulfill. In the larger scheme of things, these are short-term drawbacks, but for the individuals and families involved, they are no small matter and the negative impact can be great.
Nevertheless, we Devil’s Advocates can point to two elements of President Trump’s Inaugural that may give free traders consolation.
My thanks to editor Wlady Pleszczynski of The American Spectator.