Paul Krugman Warns Us of the Terror of Tariffs

Donald Trump is apparently considering imposing some tariffs on some imports from our trading partners. This prospect has many folks, including Paul Krugman, terrified. I don’t share his fear.

Before getting into any substance, I should be clear, I have no idea what Trump may be planning by way of tariffs. During the campaign he threatened to put a 35 percent tariff on imports from Mexico and 45 percent tariffs on imports from China. These tariffs would in fact be scary. They would certainly...