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If you are an advisor to the president and you are asked to develop some very good arguments for trade barriers, meaning some arguments for preventing the free flow of goods and services to America.

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Terms of trade are considered.

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Ideally you will not find any economic theory that says trade is bad for the economy on an average. The idea is that it may be bad for some sectors, and good for some, but the good is always better than the bad and the economy on an average is better off with trade. That said, there are some issues wherein one can talk about a case against free trade. Two most important ones are the following:

1. Terms of trade gain for large countries: In case you are a large economy, like the United States or China or Japan, you have the power to influence the world price of products. If you impose a tariff you can achieve the following: lower imports, lower quantity consumed inside the ...

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