Trump’s Tariffs Could Pave a Path to Global Prosperity
Donald Trump is convinced that tariffs can make the U.S. a wealthier country with a stronger economy. He may be underestimating just how much his trade policies can accomplish.
Trump’s trade policies could make not only the U.S. economy more prosperous. They can lead us to a more prosperous world.
For centuries, the great economic minds have taught us that free trade is the foundation of prosperity. The case is built on one of the most enduring ideas in economics: comparative advantage. The British economist David Ricardo first laid out the principle in 1817, arguing that even if one nation is better at producing everything, trade can still be mutually beneficial if each country specializes in what it produces at the lowest opportunity cost.
British economist David Ricardo (1772-1823), circa 1820. (Hulton Archive/Getty…
