“Free traders have been tying themselves into knots over President Trump’s trade policy. Amid the understandable shock, they miss an important dimension of what Mr. Trump is trying to do.”
“Part of the problem is that there has always been a divide between the policy and economic disciplines of trade, on the one hand, and markets and industrial organization, on the other. Free traders assume that markets are perfectly competitive or don’t care what happens inside markets, and competition folks don’t care what happens between countries. However, this artificial distinction breaks down in a world of competing and massively interconnected supply chains…” Read entire article by clicking below.