Subject: Re: 5 Core Principles from Treasury Secretary
jerryab wrote, "Tariffs are, by definition, interference in the free market. "
Bessent's essay makes a point of saying that America's long-standing defense of free markets has put us at a disadvantage. The strategy is to interfere with the free market to America's advantage from now on. And try to deny our trading partners their attempts to benefit themselves.
I was the one who wrote, "anything that interferes with the free market introduces friction and reduces profit."
That will have inevitable near-term negative consequences that are easily predictable. But Bessent believes that the long-term benefit will outweigh the short-term disadvantages.
Only time will tell whether that is true.
Wendy