Peace Is Wonderful. A Trade War Is Assuredly Not

Many and many a year ago, in 1985, I made myself known as an opponent of tariff wars. I did this by speaking against the Smoot-Hawley Tariff Act of roughly 1930 in the immortal Ferris Bueller's Day Off. This act raised tariffs on about 2,000 items and prolonged the Great Depression. We learned from this …