Oct. 25 at 9:08 AM
$BCRX
Regan Quote
“High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars,’' he said. “The result is more and more tariffs, higher and higher trade barriers, and less and less competition. So, soon, because of the prices made artificially high by tariffs that subsidize inefficiency and poor management, people stop buying. Then the worst happens: Markets shrink and collapse; businesses and industries shut down; and millions of people lose their jobs.’'
Reagan, though, was no trade warrior. Discussing his semiconductor tariffs in the April 1987 radio address, he said that he was forced to impose them because the Japanese were not living up to a trade agreement and that “such tariffs or trade barriers and restrictions of any kind are steps that I am loath to take.’’
https://apnews.com/article/trump-canada-ad-tariff-reagan-trade-talks-f711559b0084b377d82d964893c67c78
