President Trump is known as a “populist” president who was elected by appealing to “the forgotten man” (and woman) – the hard-working, taxed-to-death middle class people whose interests are usually diametrically opposed to the political elites of both parties. The label of populism seems especially appropriate with regard to his foreign policy of pursuing peace with Russia and North Korea, judging by the vicious and apoplectic reaction to it by the deep state elite, some of whom have called for the president’s execution for treason. You know an American president is doing the right thing when he is so viciously attacked by the James Gang – Clapper and Comey.
But the lynchpin of President Trump’s economic policy – protectionist tariffs on steel, aluminum, solar panels (Huh?), and washing machines, among other things, is quintessentially non-populist. It is the exact opposite of populism, as protectionism always is and always has been, because it benefits a few politically well connected corporations and their employees and shareholders by plundering the masses with government-mandated price increases. The lack of competition caused by protection also usually leads to lower-quality products.
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More than 60 percent of the average automobile consists of steel and aluminum. Consequently, the president’s tariffs on steel and aluminum will increase American car prices, rendering American automakers less competitive in international competition. There will be a decline of American jobs, profits, and shareholder wealth. The same is true of all other products made of steel and aluminum. It’s hard to…