<div dir="ltr"><div dir="ltr"><div class="gmail_default" style="font-family:arial,helvetica,sans-serif"><br></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">---------- Forwarded message ---------<br>From: <strong class="gmail_sendername" dir="auto">Paul Krugman from Paul Krugman</strong> <span dir="auto"><<a href="mailto:paulkrugman@substack.com" target="_blank">paulkrugman@substack.com</a>></span><br>Date: Mon, Oct 27, 2025 at 6:34 AM<br>Subject: No, Ronald Reagan Didn’t Love Tariffs<br>To: <<a href="mailto:johnkclark@gmail.com" target="_blank">johnkclark@gmail.com</a>><br></div><br><br><div style="font-kerning:auto"><img src="https://eotrx.substackcdn.com/open?token=eyJtIjoiPDIwMjUxMDI3MTAzMTEyLjMuYzQ0YzUyYTc0NTEwNDMyNkBtZy1kMC5zdWJzdGFjay5jb20-IiwidSI6MTE2MjIwODMsInIiOiJqb2hua2NsYXJrQGdtYWlsLmNvbSIsImQiOiJtZy1kMC5zdWJzdGFjay5jb20iLCJwIjoxNzcyMTYyMTcsInQiOiJuZXdzbGV0dGVyIiwiYSI6ImV2ZXJ5b25lIiwicyI6Mjc3NTE3LCJjIjoicG9zdCIsImYiOnRydWUsInBvc2l0aW9uIjoidG9wIiwiaWF0IjoxNzYxNTYxMjgyLCJleHAiOjE3NjQxNTMyODIsImlzcyI6InB1Yi0wIiwic3ViIjoiZW8ifQ.ohVMPncjihSD-6kmHqpkxOLV8iCI_HsV9YRJEHeNOgk" alt="" width="1" height="1" border="0" style="height:1px!important;width:1px!important;border-width:0!important;margin-top:0!important;margin-bottom:0!important;margin-right:0!important;margin-left:0!important;padding-top:0!important;padding-bottom:0!important;padding-right:0!important;padding-left:0!important"><div style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden">He wasn’t a free-trade purist, but he was nothing like Trump.</div><div style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden">͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ </div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td></td><td width="550"></td><td></td></tr><tr><td></td><td width="550" align="left"><div style="font-size:16px;line-height:26px;max-width:550px;width:100%;margin:0 auto"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="right" style="height:20px"><table role="presentation" width="auto" border="0" cellspacing="0" 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Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight:bold;margin:0;line-height:36px;font-size:32px"><a href="https://substack.com/app-link/post?publication_id=277517&post_id=177216217&utm_source=post-email-title&utm_campaign=email-post-title&isFreemail=true&r=6x3nn&token=eyJ1c2VyX2lkIjoxMTYyMjA4MywicG9zdF9pZCI6MTc3MjE2MjE3LCJpYXQiOjE3NjE1NjEyODEsImV4cCI6MTc2NDE1MzI4MSwiaXNzIjoicHViLTI3NzUxNyIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.DzWurDxPd6g6UnxzsBUbr67KOppqA7dTwukXWjBLTAY" style="color:rgb(54,55,55);text-decoration:none" target="_blank">No, Ronald Reagan Didn’t Love Tariffs</a></h1><h3 dir="auto" style="direction:auto;text-align:start;unicode-bidi:isolate;font-family:'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight:normal;margin:4px 0 0;color:#777777;line-height:24px;font-size:18px;margin-top:12px">He wasn’t a free-trade purist, but he was nothing like Trump.</h3><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" style="margin:1em 0;height:20px"><tbody><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle"><div style="list-style:none;font-size:11px;line-height:20px;text-decoration:unset;color:rgb(54,55,55);margin:0;font-family:'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight:500;text-transform:uppercase;letter-spacing:.2px"><a style="list-style:none;color:rgb(54,55,55);margin:0;font-size:11px;line-height:20px;font-family:'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight:500;text-transform:uppercase;letter-spacing:.2px;text-decoration:none" href="https://substack.com/@paulkrugman" target="_blank">Paul Krugman</a></div></td></tr></tbody></table></td></tr><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle"><div style="list-style:none;font-size:11px;line-height:20px;text-decoration:unset;color:rgb(119,119,119);margin:0;font-family:'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight:500;text-transform:uppercase;letter-spacing:.2px">Oct 27</div></td></tr></tbody></table></td></tr></tbody></table></td><td align="right"><table role="presentation" width="auto" border="0" 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style="padding:0;width:auto;height:auto;border:none;text-decoration:none;display:block;margin:0" target="_blank"><img alt="MeidasTouch on X" title="MeidasTouch on X" width="550" height="730.0884955752213" src="https://substackcdn.com/image/fetch/$s_!LPcv!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f6a7437-d281-4479-b7ee-f5e61a5e448d_904x1200.jpeg" style="border:none!important;vertical-align:middle;display:block;height:auto;margin-bottom:0;width:auto!important;max-width:100%!important;margin:0 auto"></a></td><td style="text-align:center"></td></tr></tbody></table></div><p style="margin:0 0 20px 0;color:rgb(54,55,55);line-height:26px;font-size:16px">Source: Meidas Touch</p><p style="margin:0 0 20px 0;color:rgb(54,55,55);line-height:26px;font-size:16px">Too much personal stuff going on for a full post today, and also suffering from absurdity overload. Hard to top this:</p><div style="font-size:16px;line-height:26px;margin:32px auto"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="text-align:center"></td><td align="left" width="1190" style="text-align:center"><a href="https://substack.com/redirect/08628b44-9621-474e-8eba-730fa90e4bef?j=eyJ1IjoiNngzbm4ifQ.I1PMvYo4mI3PquTDRhL5Dev-9_ouIq3kw6ZhrVNsy8o" rel="" style="padding:0;width:auto;height:auto;border:none;text-decoration:none;display:block;margin:0" target="_blank"><img alt="A person in a suit and tie
AI-generated content may be incorrect." title="A person in a suit and tie
AI-generated content may be incorrect." width="550" height="549.0756302521008" src="https://substackcdn.com/image/fetch/$s_!GSZj!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1837b743-3e2f-4ee2-a847-b3ef29819913_1190x1188.png" style="border:none!important;vertical-align:middle;display:block;height:auto;margin-bottom:0;width:auto!important;max-width:100%!important;margin:0 auto"></a></td><td style="text-align:center"></td></tr></tbody></table></div><p style="margin:0 0 20px 0;color:rgb(54,55,55);line-height:26px;font-size:16px">But I thought I’d take a few minutes to weigh in on one piece of the absurdity: Donald Trump’s hysterical reaction to an ad run by the Canadian province of Ontario that featured audio of Ronald Reagan denouncing tariffs and extolling free trade.</p><p style="margin:0 0 20px 0;color:rgb(54,55,55);line-height:26px;font-size:16px">I suspect that the ad especially enraged Trump because it featured Reagan, still the Republican lodestar, making a serious, reasoned case for why tariffs are generally bad for the country. In the ad, Reagan sounded presidential and trustworthy, a sure reminder of how far the Republican party has sunk while in the grip of a grandiose, snarling, whining toddler.</p><p style="margin:0 0 20px 0;color:rgb(54,55,55);line-height:26px;font-size:16px">So Trump claimed that the ad was “FAKE” and that Reagan “LOVED tariffs.” Actually, the ad accurately conveyed the sense of Reagan’s remarks — and no, Reagan didn’t love tariffs.</p><p style="margin:0 0 20px 0;color:rgb(54,55,55);line-height:26px;font-size:16px"><span>It’s straightforward to go through the historical record to discover Reagan’s actual position on trade. As the </span><a href="https://substack.com/redirect/bda9b6d9-b3bf-4674-abb2-c6a323133113?j=eyJ1IjoiNngzbm4ifQ.I1PMvYo4mI3PquTDRhL5Dev-9_ouIq3kw6ZhrVNsy8o" rel="" style="color:rgb(54,55,55);text-decoration:underline" target="_blank">Financial Times</a><span> puts it, Reagan “was a devout champion of open trade who used tariffs sparingly and reluctantly.”</span></p><p style="margin:0 0 20px 0;color:rgb(54,55,55);line-height:26px;font-size:16px">I can also attest personally to the reality of Reagan’s tariff policies because I served a year in the Reagan administration, as a sub-political, technocratic staffer working on international policy at the Council of Economic Advisers:</p><div style="font-size:16px;line-height:26px;margin:32px auto"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="text-align:center"></td><td align="left" width="1186" style="text-align:center"><a href="https://substack.com/redirect/a625b259-d3ef-4d43-a703-268d68c49486?j=eyJ1IjoiNngzbm4ifQ.I1PMvYo4mI3PquTDRhL5Dev-9_ouIq3kw6ZhrVNsy8o" rel="" style="padding:0;width:auto;height:auto;border:none;text-decoration:none;display:block;margin:0" target="_blank"><img alt="A document with text and a red line
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But Reagan always stayed within the boundaries of the law, using his right to impose discretionary tariffs as pressure release valves rather than abusing his authority to make tariff policy an instrument of his personal whims.</p><p style="margin:0 0 20px 0;color:rgb(54,55,55);line-height:26px;font-size:16px">Now, Reagan did many things that, I believe, harmed America. Indeed, I would argue that his tax cuts, deregulation and anti-union policies, as well as his exploitation of racial tensions, were critical in laying the foundation for the plutocracy that is now destroying our democracy. But one thing that was clear to me while working within the Reagan administration was that Reagan and his people — totally unlike Trump — took their promises to other countries seriously. If a proposed policy was in clear violation of our international agreements, it was simply out of bounds.</p><p style="margin:0 0 20px 0;color:rgb(54,55,55);line-height:26px;font-size:16px"><span>By contrast, as far as I can tell </span><em>everything</em><span> that Trump has done on tariffs involves breaking solemn, supposedly binding past pledges to other nations and expecting those countries to meekly go along.</span></p><p style="margin:0 0 20px 0;color:rgb(54,55,55);line-height:26px;font-size:16px">I never met Reagan. 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src="https://eotrx.substackcdn.com/open?token=eyJtIjoiPDIwMjUxMDI3MTAzMTEyLjMuYzQ0YzUyYTc0NTEwNDMyNkBtZy1kMC5zdWJzdGFjay5jb20-IiwidSI6MTE2MjIwODMsInIiOiJqb2hua2NsYXJrQGdtYWlsLmNvbSIsImQiOiJtZy1kMC5zdWJzdGFjay5jb20iLCJwIjoxNzcyMTYyMTcsInQiOiJuZXdzbGV0dGVyIiwiYSI6ImV2ZXJ5b25lIiwicyI6Mjc3NTE3LCJjIjoicG9zdCIsImYiOnRydWUsInBvc2l0aW9uIjoiYm90dG9tIiwiaWF0IjoxNzYxNTYxMjgyLCJleHAiOjE3NjQxNTMyODIsImlzcyI6InB1Yi0wIiwic3ViIjoiZW8ifQ.cBeXjJCl4ZRDyzfeJkU738wvusRLC0fFnr9p-JEAVb4" alt="" width="1" height="1" border="0" style="height:1px!important;width:1px!important;border-width:0!important;margin-top:0!important;margin-bottom:0!important;margin-right:0!important;margin-left:0!important;padding-top:0!important;padding-bottom:0!important;padding-right:0!important;padding-left:0!important"><img width="1" height="1" alt="" 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