Why is it morally correct via trade policy to decimate entire swathes of domestic industry, impoverishing the former working class of this country, merely to enhance the profit margins of companies that close down domestic manufacturing operations? How is this an objective good for the nation? Damage to the economy and the strain on public services have been enormous, and for what? For a much smaller group of people to do a little better with their stock portfolios.
“Why is it morally correct via trade policy to decimate entire swathes of domestic industry, impoverishing the former working class of this country, merely to enhance the profit margins of companies that close down domestic manufacturing operations?”
It is morally correct to have a trade policy which benefits the majority of the population by providing quality products at lower prices rather than benefiting a very few people by restricting trade.
Take for example, tennis shoes or sneakers. In 2010, American consumers bought $22.3B of sneakers imported from 6overseas. The US government collected $2.3B in tariffs on these imports. The only manufacturer of sneakers in the US is New Balance that employees 1350 people. These tariffs cost the American consumer approximately $1,703,704 for each job protected. IOW, EVERY American who buys sneakers is forced to pay an exorbitant amount for the benefit of ONLY 1350 people. How can you possibly justify that?
You also should consider that these additional costs paid by all Americans takes money that they could be spending on other things which just might also create other American jobs.