The president’s beef is that foreign countries impose higher tariffs than the U.S., which has a relatively low 2.5% rate. The more we trade, the greater we raise the value of our activities and hence our collective wealth. What should the U.S. do about countries that unfairly (and to their own detriment) protect home markets by imposing tariffs? One, the world has worked hard to create a mechanism, the World Trade Organization, to bring order to such disparities. If that means raising a tariff here and there to let the world know we mean business, that’s fine, too.

Source: Forbes July 23, 2018 11:26 UTC