Anyone know Trump? If so, pass this on! Here’s Reagan:
The case of shoe imports illustrates why so-called protectionism is almost always self-destructive, doing more harm than good even to those it’s supposed to be helping. Advocates of protectionism often ignore its huge hidden costs that far outweigh any temporary benefits. Protectionism almost always ends up making the protected industry weaker and less able to compete against foreign imports. Between 1977 and 1981, US footwear manufacturers received protection from foreign imports, but at the end of that time they were more vulnerable to foreign competition than before.
Instead of protectionism, we should call it destructionism. It destroys jobs, weakens our industries, harms exports, costs billions of dollars to consumers, and damages our overall economy.