Don't raise the price of sheep

Club for Growth today released a petition signed by 1,028 economists who oppose legislation currently in front of Congress that would impose significant tariffs on imports from China. This would make it more expensive to import items from China, which, you may have noticed, now provides us with many things that we use every day, like this cute bighorn sheep that sits on my desk.

Here's an exerpt from the petition, which was published in today's Wall Street Journal:

As economists, we understand the vital and beneficial role that free trade plays in the world economy. Conversely, we believe that barriers to free trade destroy wealth and benefit no one in the long run. Because of these fundamental economic principles, we sign this letter to advise Congress against imposing retaliatory trade measures against China.

There is no foundation in economics that supports punitive tariffs. China currently supplies American consumers with inexpensive goods and low-interest rate loans. Retaliatory tariffs on China are tantamount to taxing ourselves as a punishment. Worse, such a move will likely encourage China to impose its own tariffs, increasing the possibility of a futile and harmful trade war. American consumers and businesses would pay the price for this senseless war through higher prices, worse jobs, and reduced economic growth.

The petition hearkens back to a similar one signed by as many economists in 1930. That one spoke out against the Smoot-Hawley Tariff Act, a bill that many believe made significant contributions towards causing the Great Depression. Are we seeking for history to repeat itself or can we finally begin to appreciate the value that comes with a globally connected world?