The current tariff war would warm the cold dead remains of Adam Smith and David Ricardo. The basic assumption that Trump and his team seem bound to is the old notion that factors of production are immobile and geographically rooted. Not true today. Practically everything can be made everywhere because enterprise and science have this incurable wanderlust. They travel globally bringing good ideas to distant lands.
For this very simple reason what we have on hand is really a thinly veiled brand war and not just a tariff war.
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