The Economics of the Supreme Court’s Tariff Ruling

By Stephen S. Roach – Project Syndicate

Fully 54% of US trade flows in manufactured products are with Europe, Canada, and Mexico. The US trades with these countries out of necessity, not because, as Trump insists, the globalists have a secret plot to undermine America. The US must pay the price for foreign capital if it wants to keep growing, and that price shows up in terms of cross-border trade, including the powerful efficiencies of global supply chains.