Many and many a year ago, in 1985, I made myself known as an opponent of tariff wars. I did this by speaking against the Smoot-Hawley Tariff Act of roughly 1930 in the immortal "Ferris Bueller’s Day Off." This act raised tariffs on about 2,000 items and prolonged the Great Depression. We learned from this what we should already have known: that trade wars are bad news, depress economic activity, and dampen the world economic mood.
Adam Smith made this abundantly clear in "The Wealth of Nations" and it should be clearer than ever now.
This is why it’s so d****d depressing (so to speak) that Mr. Trump, whom I voted for, not that it mattered in California, is now raising the specter of a trade war — especially against China, so writes Ben Stein in The American Spectator.
Ben Stein is a writer, actor, and lawyer who served as a speechwriter in the Nixon administration as the Watergate scandal unfolded. He began his unlikely road to stardom when director John Hughes as the numbingly dull economics teacher in the urban comedy, "Ferris Bueller's Day Off." Read more more reports from Ben Stein — Click Here Now.
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