The province of Ontario ran some TV ads quoting Reagan. President Trump claimed they were presented out of context and did not represent Reagan’s positions. He then imposed additional tariffs on Canada.
Here, for the record, is Reagan’s speech:
I started it at 1:14 because the introduction is about some era-specific squabbles with Japan. You can take it back to the start if you want to hear every word.
Here’s a transcript of the middle portion:
When someone says, ‘Let’s impose tariffs on foreign imports.’ It looks like they’re doing the patriotic thing by protecting American products and jobs. And sometimes for a short while it works, but only for a short time. What eventually occurs is first homegrown industries start relying on government protection in the form of high tariffs. They stop competing and stop making the innovative management and technological changes they need to succeed in world markets. And then while all this is going on, something even worse occurs. High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars. The result is more and more tariffs, higher and higher trade barriers, and less and less competition. So soon, because of the prices made artificially high by tariffs that subsidize inefficiency and poor management, people stop buying. Then the worst happens. Markets shrink and collapse. Businesses and industries shut down and millions of people lose their jobs.
This is for your information. I am neither endorsing nor refuting, neither agreeing nor disagreeing with Reagan’s positions.
It is clear that the Ontario ads did accurately reflect Reagan’s position, whether it was right or wrong.
