“It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy . . . . If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry, employed in a way in which we have some advantage.”
-Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, 1776
IPI believes the United States should aggressively pursue trade liberalization, which includes a willingness to lower our own trade barriers even when other countries do not respond reciprocally. Ideally, those efforts include multilateral agreements, such as the Trans-Pacific Partnership, but bilateral agreements can also promote freer trade.
American consumers bear the brunt of the protectionist impulse through higher prices on consumer goods, and American workers are best served when liberalized trade policies facilitate the export of American products throughout the world. At a time when protectionist sentiments are growing, it is important to assert that the U.S. and its workers have nothing to fear from trade, and everything to gain.
Larry Kudlow Praised as Trump's Potential Top Economic Advisor
The Institute for Policy Innovation is praising the expected naming of CNBC commentator and analyst Larry Kudlow to replace Gary Cohn as President Donald Trump's chief economic advisor (head of the National Economic Council).
Kudlow Excellent Choice as Trump's Chief Economic Advisor
President Trump has made a wise selection by appointing CNBC contributor, TV and radio host Larry Kudlow, whose creed is “free market capitalism is the best path to prosperity,” to be his chief economic advisor as head of the National Economic Council.
The Trump Conundrum
Trump can have a strong, growing economy, or he can reduce the trade deficit, but historically it is very unlikely he can do both.
Republicans Leerier of Trump's Tariffs than Democrats
"Even if one agrees that U.S.-made steel must be protected, the problem is that imposing large tariffs gives a green light to every other company or industry hoping to use government power to protect it from competition," IPI resident scholar Merrill Matthews said. "They will now descend on Washington, checkbook in hand. That's the swamp, or what's known as 'crony capitalism.'"
Whose Crumbs?
Nancy Pelosi isn’t the only one who is out-of-touch and doesn’t understand economics.
IPI Joins Coalition Letter to President Trump Urging Reconsideration of Aluminum and Steel Tariffs
On behalf of the undersigned groups representing millions of taxpayers and consumers across the country, we urge you to reconsider the tariffs on aluminum and steel announced on March 1, 2018.
Coalition Letter to the President Regarding Tariffs
Tariffs Don't 'Drain the Swamp,' They Are the Swamp
Opening the door to tariffs means that every company and industry that can't or won't compete will head to Washington, checkbook in hand, hoping to use the power of government to protect them.
Gas Exports Become a Force for World Peace and a Cleaner Environment
Three reasons why we should cheer the fact that China is importing liquefied natural gas.
Trump May Have a Prescription for High Drug Prices
President Trump wants to address the high price of some prescription drugs, and new bilateral trade agreements would be a good place to start.
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