Free Trade vs. Tariffs: A Reasoned Analysis

The question of Free Trade or Tariffs is once again uppermost in the public mind. It is one of those issues that combines monetary and ideological interests and is therefore prone to inflaming opinions beyond reason. A most complex question, seen from many perspectives of production, consumption, and taxation, bound to be controversial; more so because it affects people's finances and their political ego capital. My purpose, as a developer of international trading systems and writer of economic history, is to bring about a reasoned understanding of the Free Trade vs. Tariffs debate by exploring its historical roots and evolution to the present under President Trump.

Historical context:

Public attention may be temporarily engrossed by some exigent subject of controversy, but the tariff alone steadily and persistently recurs for agitation, and for what is termed settlement. Thus far in our history, settlement has only been the basis of new agitation, and each successive agitation leads again to new settlement. - James G. Blaine, Treasury Secretary, Senator, and Speaker of the House of Representatives.

As with all general propositions, doubtless, there will be shades of difference in construing this. I have by no means a thoroughly matured judgment upon this subject, especially as to details; some general ideas are about all. - President Abraham Lincoln, speaking on the tariff question.