Executive editor of the Libertarian Institute Sheldon Richman returns to the show to discuss Trump’s new tariffs on steel and aluminum. According to Richman the major damage of Trump’s tariffs will be felt by downstream producers and the disruption to the price system. Richman details how, contrary to popular belief, technology has increased factory output in the United States while reducing factory jobs—and that the Chinese, the Mexicans, etc. are scapegoats for useful idiots. Richman then tears apart the argument that trade deficits are a bad thing. His advice? “Read Bastiat.” Scott and Richman then elucidate how trade between people makes war much less likely.
Sheldon Richman is the executive editor of the Libertarian Institute and the author of America’s Counter-Revolution: The Constitution Revisited. Follow him on Twitter @SheldonRichman.