The Capitalism and Freedom in the Twenty-First Century Podcast

Tariffs and US Trade Policy History with Douglas Irwin (Dartmouth Economics Professor)

Jan 24, 2025
Douglas Irwin, a leading economist from Dartmouth College and expert in trade policy, shares insights on U.S. trade history and the evolution of tariffs. He discusses the impact of globalization on consumers and labor markets and examines the fading influence of the World Trade Organization. Irwin analyzes recent U.S. actions affecting steel imports and delves into the resilience of the U.S. dollar amidst global shifts, highlighting ongoing complexities in semiconductor trade policy and its implications for national security.
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ANECDOTE

Irwin's Time at Reagan CEA

  • Douglas Irwin worked at the Reagan Council of Economic Advisors (CEA) in '86-'87.
  • He gained valuable experience in trade policy, working with a senior economist and attending meetings at various government offices.
INSIGHT

Three R's of US Trade Policy

  • US trade policy history can be categorized by the "three Rs": Revenue, Restriction, and Reciprocity.
  • These align with distinct historical periods: pre-Civil War (revenue), Civil War to Great Depression (restriction), and post-Depression (reciprocity).
INSIGHT

Reciprocity vs. Neoliberalism

  • Reciprocity in trade policy involves using tariffs as negotiating tools, differing from the neoliberal view that all tariff reductions are beneficial.
  • The US, as a large country with bargaining power, adopted reciprocity during the Great Depression to address global trade barriers.
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