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If each nation can produce what it does best and permits trade, over the long run everyone will enjoy lower prices and higher levels of output, income and consumption that could be achieved in isolation.
Trade restrictions that are put in place by the government on foreign products lower the standard of living for American consumers. Tariffs, quotas, and other trade barriers are the functional equivalent of a tax. It raises the cost of foreign goods and increases the price that consumers pay. The structure of trade restrictions imposes an unbalanced burden on those least able to pay. Nearly all governments limit, to some extent, the freedom of their citizens to freely trade with the citizens of other countries...
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