“It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy . . . . If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry, employed in a way in which we have some advantage.”
-Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, 1776
IPI believes the United States should aggressively pursue trade liberalization, which includes a willingness to lower our own trade barriers even when other countries do not respond reciprocally. Ideally, those efforts include multilateral agreements, such as the Trans-Pacific Partnership, but bilateral agreements can also promote freer trade.
American consumers bear the brunt of the protectionist impulse through higher prices on consumer goods, and American workers are best served when liberalized trade policies facilitate the export of American products throughout the world. At a time when protectionist sentiments are growing, it is important to assert that the U.S. and its workers have nothing to fear from trade, and everything to gain.
The Recession Threat Is Real
President Trump and administration officials are downplaying fears of a recession. While a recession isn't imminent, the threat is very real.
How Is the Tariff Working Out for the U.S. Steel Industry?
President Trump presumably wants to help the steel industry prosper. To do that, his administration needs to find an acceptable tariff exit strategy as quickly as possible.
Back to the Slow-Growth Economy
The economy is doing well, just not as well as we thought—or hoped. If Trump plans to run for reelection on a record of strong economic growth, he needs to resolve some lingering issues.
Tariffs Are Taxes
President Trump is threatening to raise taxes on Americans. Again. That’s because tariffs are taxes, and they are paid by Americans, not by foreigners.
Iran Can Rattle Sabers But Not Oil Prices
The Iranian government is rattling sabers once again. In years past those tensions would have sent world oil markets into a panic. Not so this time around.
Steel Tariffs Steal Your Gasoline Savings
President Trump’s pro-energy policies are on a collision course with his protectionist policies. Let’s hope, for the sake of the economy and energy independence, his energy policies prevail.
SOTU: While Democrats Push for Bigger Government, Trump Can Highlight Some Big Achievements
President Trump delivers his first State of the Union address before a divided Congress on Tuesday night, where his priorities to unfetter the private sector, rev up economic engines and enhance national security will starkly contrast Democrats’ increasingly socialist-leaning platform.
As Putin Props Up Maduro, Trump Heats Up U.S. Energy to Undermine Russian Global Mischief
A new round of White House executive actions may be coming to boost the U.S. energy industry against Russia, an ongoing effort that’s hitting Russia’s pocketbook and making it more difficult for Vladimir Putin to use oil and gas as a foreign policy weapon to promote his agenda.
President Trump Gets No Credit for Helping Defund Vladimir Putin
We don't know whether there was any Trump-Putin collusion; but we do know that Trump's energy policies are reducing Russia's revenue and making it harder for Putin to engage in global mischief.
Replacing Unpopular Steel Tariffs With Quotas Is Even Worse for US Energy
If administration officials substitute steel tariffs for quotas, American energy firms would still struggle to secure the parts they need.They could be forced to postpone or cancel many pipeline projects.
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