TradeBytes

Interesting argument on the fundamentals of trade policy, comparative advantage, etc. at the Law & Liberty blog.

“Friend-shoring” need not be a violation of global liberalized trade so long as it results in a short list of countries we avoid trading with rather than a short list of countries we agree to trade with.

A trade policy embracing free trade is the goal; but many of our trading partners engage in practices that force us to adjust that goal to fit reality.  

Free trade between people who specialize in different things is the natural state of affairs. Trade agreements provide the rules and remedies should one party try to take advantage of the other. We thought these things were obvious, but apparently not.