"By preferring the support of domestic to that of foreign industry, he [the entrepreneur] intends only his own security, and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention."

-- Adam Smith, Wealth of Nations, 1776 (emphasis added to rebut "free trade" misuse of this quote, as free-traders always drop the first 11 words)

There's an old saying that even a broken clock is right twice a day. In that spirit, Donald Trump and his advisors are at least partly right about trade and tariffs.

Ironically, he's totally defying the entire Republican Party, as well as the Bill Clinton-corporate wing of the Democratic Party, and running with policies that progressive Democrats have been pushing for a century.

While most progressive politicians will admit Trump is right on trade (and several have on my radio/TV show), there aren't a lot of Democrats these days willing to enthusiastically acknowledge Trump might be right about anything so they're not much popping up on network or cable TV.

Which is unfortunate: the Democratic Party should return to its progressive/protectionist/union roots and steal this issue right from Trump's teeth, saying that he's not doing it well enough or fast enough. They should run hard in 2020 on Bernie's suggestion that we use protectionist policies to end our trade deficits and bring back home our jobs.

The disastrous trade deficits we've been running since the Reagan era are damaging to the future of America for a variety of reasons, from national security to where the profits from American companies end up, to the flattening of American working wages and benefits.

Read more here.

-Thom

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