Free-trade development loophole
Whatever one may think of Donald Trump’s abilities as a statesman, it must be handed to him that he was the first to recognise publicly that free trade cannot work between countries at very different stages of development, where wage rates in one are protected at much higher levels than in the other. A country with minimum pay rates of $20 an hour, no matter how efficient its workforce, simply cannot produce goods as cheaply as one that pays…
