Protectionism and Free Trade

It is thanks to global trade that we now have access to many more resources for treatment and prevention of disease, including COVID-19.

Protectionists think China is a geopolitical threat. I get that. But their (weak) arguments about China don't apply at all to the rest of the world.

Trump clearly views trade in a zero-sum, mercantilist manner, with the country possessing a deficit “losing” and “down.” But continuing the trade war only makes recession more likely for both sides. Luckily China is stalling on committing to a trade agreement.

The national trade account balance is of little economic significance and is a sterile concept. But the government’s attempts to "fix" it can have many harmful effects.