Protectionism never made sense - driving up the cost of goods, inviting retaliation, and destroying more jobs than it creates. But in an era of supply chains, it is a more self-destructive policy than ever. The trade war with China offers a textbook example.
The days when a product is made top to bottom in one location are long gone. Elaborate supply chains allow companies to source their production where expertise is available and wages are competitive. The moving assembly line that Henry Ford birthed is now world-wide, and more efficient than ever.
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