[VIDEO] Here is a video of the late economist Milton Friedman as he answers a question about tariffs in general and steel tariffs in particular. This video is from 1978 but his thoughts are just as valid today as they were then. This may not go where you might expect. Most people think that using tariffs for job protection is a very good thing. Watch this and then see what you think.
As Written and Reported By Frank Camp for The Daily Wire:
During a Q&A at Utah State University in 1978, the late economist Milton Friedman had an exchange with an audience member regarding tariffs on steel. His statement is especially relevant now as President Trump has placed a 25% tariff on steel, with exceptions for Canada and Mexico:
FRIEDMAN: There’s a big hue and cry about the steel industry, and about imposing higher tariffs or import quotas on steel. Now, every [economist] in this country ought to be on the right side of that issue, which is a free trade issue. If Japan chooses to subsidize the export of clean air to the United States, why should we object? Isn’t that what it’s doing when it sends steel here? Here, we have this great hue and cry that we should somehow or other subsidize steel, either by tariffs or quotas or other ways, to enable steel to produce both its products and its pollution at home…
AUDIENCE MEMBER: Yes sir, you mentioned about the imports of steel – I’d like to allude to that. We hear from the American steel industry that in Japan, for instance, steel producers are producing at less than cost with support of the government so as to keep employment up there, and as a result, the American steel industry here is not going to be able to compete. So they’re going to shut down, and we’re gonna have higher unemployment …..
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