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hi everybody tom woods here it's episode it's episode 2633 of the Tom Woods show, and I'm very glad to be

joined today by Kevin Duffy, Principal of Baring Asset Management, editor of coffee can portfolio,

and a man with a great deal to say about international trade and the subject of tariffs. And I realize I've done a couple of

episodes on this already, but I did an awful lot of episodes on COVID also. It won't be quite

as many as that. But doggone, I'm telling you, Kevin, if you look on social media, this is all

anybody's talking about. I mean, this and a handful of other less important things, or I don't

know how to rank them, but the point is overwhelmingly, this is still a topic of conversation.

It has so many implications and potential consequences, and I'd just like to get a variety

of perspectives on it, and you sent me an email that was like,

should be a memo to every world leader. And I want to go through it in effect. So anyway,

I'm really glad to have you back. So thank you, first of all.

Thanks for inviting me and thanks for having me back. And it's a really important topic to talk about.

First of all, let's get something out of the way.

There are a lot of libertarians even who, let's say, might be wavering on free trade, who would say,

well, I'm trying to break it all down because I want to be fair to everybody. There are some people

who say, what we have now is some kind of weird, managed

trade anyway, with all kinds of tariff and non-tariff barriers. But it might be freer than it was

30 years ago. But there are some libertarians, though, who will say, if Trump can use tariffs,

we've all heard this, to try to bring about a more free trade world by

encouraging countries to drop some of the less obvious barriers, the so-called non-tariff barriers.

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