re: Searching for Capitalism in the Wreckage of Globalization. How we distorted free trade.

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With asymmetric tariffs, subsidies, and tax policy (e.g., VATs), the concept of free trade is farcical.

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I don't think I've ever mentioned "free trade". I don't know how you would even achieve it, because nations are going to figure out the best tax strategy to fund their government. That may or may not include tariffs.

Ideally you could at least get a reciprocal policy for certain products or governments, but you're never going to achieve it globally.

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With asymmetric tariffs, subsidies, and tax policy (e.g., VATs), the concept of free trade is farcical.

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If other countries want to tax their own people via tariffs, let them.

The only argument I’ve seen that I can agree with in favor of tariffs is to artificially prop up key manufacturing sectors that would be necessary for defense production in a wartime scenario involving China.

There is no realistic scenario where placing huge tariffs on imported cars from Europe, Japan, Canada or Mexico results in a lasting buildup of manufacturing jobs in the US. If everyone got on the same page to build up that capacity tomorrow, it would take 3-4 years to get new factories up and running (at best), and by then it will be election season, presumably following three more years of inflationary economic policy with the incumbent party at a major disadvantage.

Nevermind the foolishness of putting significant tariffs on Canadian lumber in the middle of a housing affordability crisis.