Free Trade Makes Us All Richer (Even If Other Countries Don't "Play Fair")

This week my colleague Ryan Young rightly warned that the White House's newly announced tariffs on Chinese goods will harm Americans consumers and workers. Simon Lester of the Cato Institute also notes that confusion about the nature of trade deficits is a bipartisan one. This is a good opportunity to get back to basics and remember what tariffs are and how they affect economic behavior and consumer welfare.