Donald Trump’s announcement of huge levies on all the US’s major trading partners has triggered a global stock market meltdown, which may soon be followed by a full-blown recession. Almost no mainstream economist, and certainly none who believes in free markets and free trade, has a good thing to say about Trump’s tariffs.
Yet there is a hidden logic behind the policy. It is not as completely brainless as it might appear. In fact, there are six reasons why the tariffs could make sense.
First, they may well be an effective battering ram for taking down tariff and trade barriers globally. No one seriously disputes that the American market is far more open than most others.
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