Morgan Housel

Should we go left, right, and tax rates?

A lot of ferocious debates.

The one thing that almost every economist agrees on from either side is that trade wars are self-destructive and tariffs are terrible.

It's one of the only things in which there is bipartisan both sides agreement.

It's the equivalent of refined sugar.

And I feel like what a trade war is doing is put your fruits and vegetables away.

It's time to pound some white sugar.

That's effectively what we're doing.

It's self-destructive.

And I understand why it happens.

It's smart politically.

What has every company and country done in the last year?

They come groveling to Donald Trump on their knees and say, please, sir, can I have an exemption?

Please, sir, what can I do?

If you're seeking for power, it's a wonderful thing.

It's a wonderful sword to hold over people.

But economically, it's always a disaster and always has been.

I mean, we've tried it millions of times in other countries.

These have been trade wars for thousands of years.

And we've tried it in the United States.