Ronald Reagan, a great and thru and thru decent and positive and uplifting human being... Who believed in uniting, not dividing... Who treated everyone with utmost decency, kindness and decorum, no matter what their political views... - AND ESPECIALLY MEMBERS OF THE OPPOSITE SEX, WHERE THRU-OUT HIS CAREERS HE WAS ALWAYS THE PERFECT, HONORABLE AND CONSUMATE GENTLEMAN !!! -... Reagan just completely embodied the Golden Rule, treat others the way you wish to be treated by them ! He totally believed in Democracy... And corresponding checks and balances, seperation of powers, independent judiciary to be respected irrespective of whether you like or dislike a verdict... AND had a good instinctive understanding of economics and the fallacy of protectionism and tariffs, having lived through the Great Depression himself. A time where actually thru the entirety of the great depression the USA had a trade surplus. Who woulda thunk. Reagan did raise tariffs from time to time to adress specific issues, just like most every other country has done from time to time, even those most in favour of free trade and low or no tariffs. But he never saw tariffs as a be-all and end-all like Trump, just as an absolute exception of very last resort, to only be used with the utmost caution. In complete contrast to Trump. Trump actually thinks that when the US went from tariffs to income tax in 1913 that that was the biggest mistake ever made. His now introduced tariffs have an extent not seen since the Smoot-Hawley Tariffs from 1930, introduced after the stock market crash of 1929. Their sole achievement was a global trade war that led to the Great Depression where 1 in four American jobs were lost. And again. During the entire time of the Great Depression the USA had what Trump is clamoring for, a TRADE SURPLUS. 2 Speeches from Reagan on the real damage tariffs and protectionism cause, from his last two years in office, speaking of the culminated experiences of his life and Presidency. Longish, but VERY SALIENT READS in these dire times from a man who was not only a great human being and leader, but also someone who didn't care only about himself, but really and truly put Americas interests before his own. But first, about the Trade Surplus thru-out the Great Depression: "Shapiro's criticism of the tariffs began almost instantly, last week noting they were 'probably unconstitutional' and had been 'dropped on the market unilaterally.' '[It's] one of the biggest tax increases on American consumers in the history of America,' he said. He added that trade wars are 'not good' or 'easy to win' if 'you don't have a plan' and that trade deficits aren't important, noting America's trading surplus was high during the entirety of the Great Depression. https://www.dailymail.co.uk/news/ar...stinging-tariff-takedown-reveals-control.html l
Radio Address to the Nation on Free and Fair Trade April 25, 1987 My fellow Americans: Prime Minister Nakasone of Japan will be visiting me here at the White House next week. It's an important visit, because while I expect to take up our relations with our good friend Japan, which overall remain excellent, recent disagreements between our two countries on the issue of trade will also be high on our agenda. As perhaps you've heard, last week I placed new duties on some Japanese products in response to Japan's inability to enforce their trade agreement with us on electronic devices called semiconductors. Now, imposing such tariffs or trade barriers and restrictions of any kind are steps that I am loath to take. And in a moment I'll mention the sound economic reasons for this: that over the long run such trade barriers hurt every American worker and consumer. But the Japanese semiconductors were a special case. We had clear evidence that Japanese companies were engaging in unfair trade practices that violated an agreement between Japan and the United States. We expect our trading partners to live up to their agreements. As I've often said: Our commitment to free trade is also a commitment to fair trade. But you know, in imposing these tariffs we were just trying to deal with a particular problem, not begin a trade war. So, next week I'll be giving Prime Minister Nakasone this same message: We want to continue to work cooperatively on trade problems and want very much to lift these trade restrictions as soon as evidence permits. We want to do this, because we feel both Japan and the United States have an obligation to promote the prosperity and economic development that only free trade can bring. Now, that message of free trade is one I conveyed to Canada's leaders a few weeks ago, and it was warmly received there. Indeed, throughout the world there's a growing realization that the way to prosperity for all nations is rejecting protectionist legislation and promoting fair and free competition. Now, there are sound historical reasons for this. For those of us who lived through the Great Depression, the memory of the suffering it caused is deep and searing. And today many economic analysts and historians argue that high tariff legislation passed back in that period called the Smoot-Hawley tariff greatly deepened the depression and prevented economic recovery. You see, at first, when someone says, ``Let's impose tariffs on foreign imports,'' it looks like they're doing the patriotic thing by protecting American products and jobs. And sometimes for a short while it works -- but only for a short time. What eventually occurs is: First, homegrown industries start relying on government protection in the form of high tariffs. They stop competing and stop making the innovative management and technological changes they need to succeed in world markets. And then, while all this is going on, something even worse occurs. High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars. 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. The memory of all this occurring back in the thirties made me determined when I came to Washington to spare the American people the protectionist legislation that destroys prosperity. Now, it hasn't always been easy. There are those in this Congress, just as there were back in the thirties, who want to go for the quick political advantage, who will risk America's prosperity for the sake of a short-term appeal to some special interest group, who forget that more than 5 million American jobs are directly tied to the foreign export business and additional millions are tied to imports. Well, I've never forgotten those jobs. And on trade issues, by and large, we've done well. In certain select cases, like the Japanese semiconductors, we've taken steps to stop unfair practices against American products, but we've still maintained our basic, long-term commitment to free trade and economic growth. So, with my meeting with Prime Minister Nakasone and the Venice economic summit coming up, it's terribly important not to restrict a President's options in such trade dealings with foreign governments. Unfortunately, some in the Congress are trying to do exactly that. I'll keep you informed on this dangerous legislation, because it's just another form of protectionism and I may need your help to stop it. Remember, America's jobs and growth are at stake. Until next week, thanks for listening, and God bless you. Note: The President spoke at 12:06 p.m. from Camp David, MD. Date 04/25/1987 https://www.reaganlibrary.gov/archives/speech/radio-address-nation-free-and-fair-trade-4
Radio Address to the Nation on the Canadian Elections and Free Trade November 26, 1988 My fellow Americans: This week, as we prepared for Thanksgiving, Canada held an important election, and I'm pleased to again send my congratulations to Prime Minister Mulroney. One of the important issues in the Canadian election was trade. And like our own citizens earlier this month, our neighbors have sent a strong message, rejecting protectionism and reaffirming that more trade, not less, is the wave of the future. Here in America, as we reflect on the many things we have to be grateful for, we should take a moment to recognize that one of the key factors behind our nation's great prosperity is the open trade policy that allows the American people to freely exchange goods and services with free people around the world. The freedom to trade is not a new issue for America. In 1776 our Founding Fathers signed the Declaration of Independence, charging the British with a number of offenses, among them, and I quote, "cutting off our trade with all parts of the world,'' end quote. And that same year, a Scottish economist named Adam Smith launched another revolution with a book entitled ``The Wealth of Nations,'' which exposed for all time the folly of protectionism. Over the past 200 years, not only has the argument against tariffs and trade barriers won nearly universal agreement among economists but it has also proven itself in the real world, where we have seen free-trading nations prosper while protectionist countries fall behind. America's most recent experiment with protectionism was a disaster for the working men and women of this country. When Congress passed the Smoot-Hawley tariff in 1930, we were told that it would protect America from foreign competition and save jobs in this country -- the same line we hear today. The actual result was the Great Depression, the worst economic catastrophe in our history; one out of four Americans were thrown out of work. Two years later, when I cast my first ballot for President, I voted for Franklin Delano Roosevelt, who opposed protectionism and called for the repeal of that disastrous tariff. Ever since that time, the American people have stayed true to our heritage by rejecting the siren song of protectionism. In recent years, the trade deficit led some misguided politicians to call for protectionism, warning that otherwise we would lose jobs. But they were wrong again. In fact, the United States not only didn't lose jobs, we created more jobs than all the countries of Western Europe, Canada, and Japan combined. The record is clear that when America's total trade has increased, American jobs have also increased. And when our total trade has declined, so have the number of jobs. Part of the difficulty in accepting the good news about trade is in our words. We too often talk about trade while using the vocabulary of war. In war, for one side to win, the other must lose. But commerce is not warfare. Trade is an economic alliance that benefits both countries. There are no losers, only winners. And trade helps strengthen the free world. Yet today protectionism is being used by some American politicians as a cheap form of nationalism, a fig leaf for those unwilling to maintain America's military strength and who lack the resolve to stand up to real enemies -- countries that would use violence against us or our allies. Our peaceful trading partners are not our enemies; they are our allies. We should beware of the demagogs who are ready to declare a trade war against our friends -- weakening our economy, our national security, and the entire free world -- all while cynically waving the American flag. The expansion of the international economy is not a foreign invasion; it is an American triumph, one we worked hard to achieve, and something central to our vision of a peaceful and prosperous world of freedom. After the Second World War, America led the way to dismantle trade barriers and create a world trading system that set the stage for decades of unparalleled economic growth. And in one week, when important multilateral trade talks are held in Montreal, we will be in the forefront of efforts to improve this system. We want to open more markets for our products, to see to it that all nations play by the rules, and to seek improvement in such areas as dispute resolution and agriculture. We also want to bring the benefits of free trade to new areas, including services, investment, and the protection of intellectual property. Our negotiators will be working hard for all of us. Yes, back in 1776, our Founding Fathers believed that free trade was worth fighting for. And we can celebrate their victory because today trade is at the core of the alliance that secure the peace and guarantee our freedom; it is the source of our prosperity and the path to an even brighter future for America. Until next week, thanks for listening, and God bless you. Note: The President spoke at 9:06 a.m. from his ranch in Santa Barbara County, CA. Date 11/26/1988 https://www.reaganlibrary.gov/archives/speech/radio-address-nation-canadian-elections-and-free-trade
To me, Reagans key points: "At first, when someone says, “Let’s impose tariffs on foreign imports,” it looks like they are doing the patriotic thing by protecting American products and jobs, and sometimes for a short while it works, but only for a short time. What eventually occurs is: First, home grown industries start relying on government protection in the form of high tariffs. They stop competing and stop making the innovative management and technological changes they need to succeed in world markets. Then, while all this is going on, something even worse occurs. High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars. 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. The memory of all this occurring back in the 1930s made me determined when I came to Washington to spare the American people the protectionist legislation that destroys prosperity."
That is exactly what happened after Trumps 2018 tariffs that destroyed 245 000 jobs. https://www.elitetrader.com/et/threads/trumps-2018-tariffs-destroyed-245-000-jobs.383979/ From seekingalpha: "We have examples of how poorly tariffs worked from President Trump’s first term when he imposed a 10% tariff on aluminum imports in March 2018 to encourage investment and expand domestic production. This tariff was just increased to 25%. How has the industry performed since 2018? Our capacity to produce has fallen by 32%, and the amount we produce is less today than we did in 2017. This is why the CEO of Alcoa (AA) has said that increasing this tariff to 25% will likely lead to a loss of as many as 100,000 jobs. The CEO of Alcoa is not alone. Last week, approximately 100 CEOs gathered in Washington for the Yale CEO Caucus, during which they discussed how to navigate this new economic environment. The host of the event, Yale professor Jeffrey Sonnenfeld, indicated that 60% of the attendees identified themselves as Republican, while the remaining 40% were Democrats. The broad consensus view was that tariffs were bad for the economy with 85% opposed to the current approach, expecting it to have a negative outcome, while 92% were concerned about a recession. If businesses have grave concerns about this economic policy, they are likely to hold back on capital investment and hiring, which could significantly slow the rate of economic growth. Consumers apparently agree with business leaders, which is why the latest confidence survey from the University of Michigan for March was challenging. The survey’s index fell from 64.7 to 57.9, which is the lowest level we have seen since the end of the bear market in November 2022. We saw a similar level of negativity during the Great Financial Crisis in 2008-2009. Inflation expectations for the year ahead soared from 4.3% to 4.9%. This is up from 3.3% two months ago. Long-term inflation expectations rose to 3.9%, which is the highest level since 1991. Consumers are clearly concerned about the heightened levels of economic uncertainty, which may encourage them to be more cautious spenders, further slowing the rate of economic growth. https://seekingalpha.com/article/4768209-what-did-ronald-reagan-think-about-tariffs
And it never will look good. China is ready to retaliate and when they do and then the US ups more tariffs it will send equities world wide into collapse mode...
Man, you're making a big mistake by comparing the traditional GOP with today's MAGA. Treating these MAGA nutjobs like just another branch of the GOP is like calling a dumpster fire "just a little trash problem." Yeah, right. Republicans used to have their own set of distinct policies (questionable as they were), but MAGA’s in a whole different league. Their whole vibe is built on chaos, personality cults, and trying to burn down anything that even vaguely resembles normal politics. They’re out to gaslight the entire country and any criticism they get is just part of the "fake news" narrative. IOW they’re not playing the same game as the traditional GOP. They’re rewriting the rules, and the rest of the GOP’s just stuck pretending they didn’t get steamrolled. The reality is MAGA's not even a “faction” of the GOP. And you thought the Tea Party was crazy. They were just the warm-up act. MAGA’s the full-blown circus, with all the clowns, loudmouths, and chaos. It’s not some rogue group within the GOP. It's more like a hostile takeover of the party, and anyone still calling it “Republican” clearly didn't get the memo.