Trump claimed Canada's anti-tariff ad twisted Reagan's words. Compare for yourself

When idiosyncratic says, 'Let's enforce tariffs connected overseas imports,' it looks similar they're doing the patriotic happening by protecting American products and jobs. And sometimes, for a abbreviated while, it works — but lone for a abbreviated time.

Over the agelong run, specified commercialized barriers wounded each American idiosyncratic and consumer.

High tariffs inevitably pb to retaliation by overseas countries and the triggering of fierce commercialized wars.

Then the worst happens: Markets shrink and collapse; businesses and industries unopen down; and millions of radical suffer their jobs.

Throughout the world, there's a increasing realization that the mode to prosperity for each nations is rejecting protectionist authorities and promoting just and escaped competition.

America's jobs, and growth, are astatine stake.

My chap Americans:

Prime Minister Nakasone of Japan volition beryllium visiting maine present astatine the White House adjacent week. It's an important visit, because, portion I expect to instrumentality up our relations with our bully person Japan, which wide stay excellent, caller disagreements betwixt our 2 countries connected the contented of commercialized volition besides beryllium precocious connected our agenda.

As possibly you've heard, past week I placed caller duties connected immoderate Japanese products successful effect to Japan's inability to enforce their commercialized statement with america connected physics devices called semiconductors. Now, imposing specified tariffs oregon commercialized barriers and restrictions of immoderate benignant are steps that I americium loath to take. And successful a infinitesimal I'll notation the dependable economical reasons for this: that over the agelong run, specified commercialized barriers wounded each American idiosyncratic and consumer. But the Japanese semiconductors were a peculiar case. We had wide grounds that Japanese companies were engaging successful unfair commercialized practices that violated an statement betwixt Japan and the United States. We expect our trading partners to unrecorded up to their agreements. As I've often said: Our committedness to escaped commercialized is besides a committedness to just trade.

But you know, successful imposing these tariffs, we were conscionable trying to woody with a peculiar problem, not statesman a commercialized war. So, adjacent week I'll beryllium giving Prime Minister Nakasone this aforesaid message: We privation to proceed to enactment cooperatively connected commercialized problems, and privation precise overmuch to assistance these commercialized restrictions arsenic soon arsenic grounds permits. We privation to bash this, due to the fact that we consciousness some Japan and the United States person an work to beforehand the prosperity and economical improvement that lone escaped commercialized tin bring.

Now, that connection of escaped commercialized is 1 I conveyed to Canada's leaders a fewer weeks ago, and it was warmly received there. Indeed, throughout the world, there's a increasing realization that the mode to prosperity for each nations is rejecting protectionist authorities and promoting just and escaped competition. Now, determination are dependable humanities reasons for this. For those of america who lived done the Great Depression, the representation of the suffering it caused is heavy and searing. And today, galore economical analysts and historians reason that precocious tariff authorities passed backmost successful that period, called the Smoot-Hawley tariff, greatly deepened the slump and prevented economical recovery.

You see, astatine first, when idiosyncratic says, 'Let's enforce tariffs connected overseas imports,' it looks similar they're doing the patriotic happening by protecting American products and jobs. And sometimes, for a abbreviated while, it works — but lone for a abbreviated time. What yet occurs is: First, homegrown industries commencement relying connected authorities extortion successful the signifier of precocious tariffs. They halt competing and halt making the innovative absorption and technological changes they request to win successful satellite markets. And then, portion each this is going on, thing adjacent worse occurs. High tariffs inevitably pb to retaliation by overseas countries and the triggering of fierce commercialized wars. The effect is much and much tariffs, higher and higher commercialized barriers, and little and little competition. So, soon, due to the fact that of the prices made artificially precocious by tariffs that subsidize inefficiency and mediocre management, radical halt buying. Then the worst happens: Markets shrink and collapse; businesses and industries unopen down; and millions of radical suffer their jobs.

The representation of each this occurring backmost successful the thirties made maine determined erstwhile I came to Washington to spare the American radical the protectionist authorities that destroys prosperity. Now, it hasn't ever been easy. There are those successful the Congress, conscionable arsenic determination were backmost successful the thirties, who privation to spell for the speedy governmental advantage, who volition hazard America's prosperity for the involvement of a short-term entreaty to immoderate peculiar involvement group, who hide that much than 5 cardinal American jobs are straight tied to the overseas export concern and further millions are tied to imports. Well, I've ne'er forgotten those jobs. And connected commercialized issues, by and large, we've done well. In definite prime cases, similar the Japanese semiconductors, we've taken steps to halt unfair practices against American products, but we've inactive maintained our basic, semipermanent committedness to escaped commercialized and economical growth.