Reagan, weaponized: President Donald Trump said last night that he was ending tariff negotiations with Canada over a video the province of Ontario put out criticizing Trump's tariff approach using the words of former President Ronald Reagan, a vociferous opponent of tariffs, from a 1987 speech on the dangers of protectionism and the importance of free trade:
"When someone says, 'Let's impose tariffs on foreign imports,' it looks like they're doing the patriotic thing by protecting American products and jobs. And sometimes for a short while it works—but only for a short time.…High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars.…Then the worst happens: Markets shrink and collapse; businesses and industries shut down; and millions of people lose their jobs.
Throughout the world there's a growing realization that the way to prosperity for all nations is rejecting protectionist legislation and promoting fair and free competition. America's jobs and growth are at stake."
