President Trump’s decrees about tariffs have set off an avalanche of writing about the effects of tariffs. We have lots of pieces from Trump apologists, saying that it’s about time we “got serious” about those terrible trade deficits. We have lots of pieces by economists decrying the damage they will do. And we’re getting pieces by leftists who rejoice in the prospect that the tariffs might damage Trump and the GOP (but so what if they also harm the people they profess to care about).

Weighing in on this in his latest Bastiat’s Window essay is Bob Graboyes. He takes pains to explain to anyone who will listen that tariffs do not solve any problem and do not have beneficial economic consequences.

Here’s a sample:

Superstition #4: Trade deficits indicate weakness

Trade deficits and surpluses are neither inherently positive nor inherently negative. America ran trade surpluses during the Great Depression, as Americans were too broke to afford imports, and capital flowed outward as the global economy sank. America ran deficits during the Reagan Era boom, as Americans were wealthy enough to buy lots of imports, and America had the best investment opportunities.

After reading Bob’s demolition job, one must wonder if Trump and his mercantilist team actually believe the notions they’ve been spewing.

Maybe it’s all just political theater.

I like Bob’s conclusion:

And if you’re a Democrat inclined to gloat about all this, keep in mind that your party was the primary locus of pro-tariff activism from the end of WWII till Trump descended his golden escalator in 2015. It’s easy to find quotes exhibiting Trump-like praise of tariffs from Joe Biden, Elizabeth Warren, Tammy Baldwin, Amy Klobuchar, Nancy Pelosi, Chuck Schumer, Bernie Sanders, Barack Obama, Hillary Clinton, and others. And it was Democratic Congresses that surrendered their constitutional control over tariffs via the Trade Expansion Act of 1962 (Section 232), the Trade Act of 1974 (Section 301), and the International Emergency Economic Powers Act (IEEPA) of 1977. Actions have consequences.