More than a few conservative intellectuals have warmed to Donald Trump’s trade protectionism because it supposedly helps blue-collar Americans. But what if his tariffs do the opposite?
Erica York at the Tax Foundation crunched some numbers recently showing that Mr. Trump’s proposal for a 25% tariff on imported cars, trucks and parts could eliminate half of the income gains from tax reform for millions of Americans. Those in the lowest income quintile could lose 49% of their tax gains. Say for ease of calculation that these...