Washington • President Trump often seems as though he’s stuck in the ’80s. But maybe the better comparison is to the 1680s, not the Reagan era.
Consider his announcement Thursday of new tariffs on steel and aluminum imported from the European Union, Canada and Mexico. These countries not only supply about half of our imports of these metals; they are also among our closest allies.
Astonishingly, the White House claims that alienating these important military allies is necessary “to protect America’s national security.”
What is mercantilism, exactly? As you may remember from some long-ago high school class, it’s an economic philosophy that was prevalent in the 17th and 18th centuries.