Richard M. Ebeling: Trump’s protectionist follies threaten a trade war

  President Donald Trump has announced the planned imposition of a new 25 percent tariff on imported steel and a 10 percent tariff on foreign-made aluminum entering the United States. This has brought about threats of trade retaliation by a number of America’s trading partners. The menacing clouds of a possible trade war are showing themselves on the global horizon.

  Claiming that other countries are taking advantage of the U.S., as reflected in American trade deficits, Trump, in one of his infamous tweets, has declared that “trade wars  are good, and easy to win.” How and why? Trump asserted: “Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!”