(Walter Lohman – Heritage Foundation via The Daily Signal)
President Donald Trump’s new national security strategy is a significant and positive break with the recent past on many political and security issues. It is also relatively and appropriately conventional on some other matters—like the importance of alliances and American engagement in the world.
But the area of international trade, the strategy, which presidents are required by law to submit to Congress, raises some red flags.
Red flag 1: The use of the term “fair trade.” This is a time-honored Washington catch phrase. Sometimes it means exactly what it says. Virtually all Americans would agree that trade—as most other things in life—should be “fair.”
Most often, however, the term masks protectionism and industrial policy. Proponents of “fair” trade have used the term to justify keeping competitive products and investment out of the U.S. market, not for the benefit of American consumers and workers, but to pad the accounts of well-connected industries and their labor unions. Click here to read more.