Will trade barriers make America great again?

Essay. How Latin America Pays the Price of Protectionism by: Taos Turner and Paul Kiernan Nov 26, 2016 Click here to view the full article on WSJ.com TOPICS: International Trade SUMMARY: As Donald Trump talks of tariffs, Argentina and Brazil show the costs that consumers and taxpayers pay for barriers on trade. CLASSROOM APPLICATION: After covering gains to trade and the costs of barriers to trade, instructors can have students read the essay to enforce the point that trade barriers carry costs. Instructors can ask students to evaluate whether the costs of trade barriers outweigh the benefits. QUESTIONS:  1. (Advanced) What is the evidence presented in the article that protectionism is damaging to a country's economy? 2. (Introductory) The article notes measures of the cost of protectionism. What is the measures noted? 3. (Advanced) Does protectionism spur hard work and innovation? Does free trade do so? 4. (Advanced) The essay uses the term "populism." What is populism? Interpret the statement: "The losers from populism can be found everywhere. They are the millions of jobs and hundreds of thousands of companies that were not created because of very disorderly macroeconomic policies." 5. (Advanced) The article notes "import substitution." What is import substitution? What is the anecdotal evidence presented in the essay of the damaging effect of import substitution? Reviewed By: James Dearden, Lehigh University