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  10. Hi Professor: I dont disagree with your Smith argument in principle, but I think there is something else at play than the strict economy. If trade is allowed to be completely free, and if one side becomes so efficient that it dominates the other(s) in a particular economic area (for example electronics) such that there are no electronics being exported from the the other country(s) (say USA), then that presents a vulnerability wherein if the dominating country (say China) decides to invoke hostilities, then the subordinate country is at their mercy with respect to the economics of electronics (in this example). Therefore the subordinate country (USA) here would not be able to conduct defense due to not having any electronics capability for defense systems. What this means is that there is a price for purely following Adam Smith, and that price could be our treasured freedom. We MUST retain organic capabilities to be able to provide the materials and the technologies and industrial capacity and the associated know how to be independent if the need arrises for national defense (and maybe other reasons too). So, although I might tip my hat to Adam on economics, the world is not 100% economics. There is at least national security and homeland defense, and likely other interests which run afoul of Adam in the larger scheme of things. I think when you consider these other factors, tariffs can make a whole lot of sense. That said, I think historically tariffs don't work well on the whole or over the long run. BUT in some dialog from Trump not too long ago, he advocated NOT using tariffs for long term application, but rather as short term pressure to get concessions he wants. For example to get China to implement intellectual property protection. And then the tariffs would come off. I dislike the idea of him taking Russia's tariffs (sanctions) off, but maybe he will surprise us there. Anyhow, I just wanted to point out that the world is a bit more of a complicated place these days than what Adam Smith might have imagined. Im not saying he is not right in principle, but principle has a nasty habit of getting entangles in the details of reality. Great Video!
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