But the kind of protectionism that Trump appears to crave creates even more – including the very people it is intended to help. Consumers pay more for goods. Less wealth is created. The arteries of exchange, of innovation, of prosperity, become choked.
To her great credit, Theresa May grasps these truths – hence her refashioning of Brexit this week as a chance for Britain to turn its face to the world. To his great discredit, Donald Trump does not. (Although there are any number of CapX articles that could enlighten him.)
In that farewell address, America’s first President expressed his faith “that the good sense of our countrymen will guard the public weal… and that, although we may be a little wrong now and then, we shall return to the right path with more avidity”.
On many issues, Donald Trump has yet to choose his path. But on trade, it is crystal clear that he is going down the wrong one.