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Tariffs and quotas are just bad for Americans, though. When there is a tariff, everyone loses.

Let's say the world market price for widgets is $5. Supply meets demand and everyone is happy. But, American widget makers are claiming they just can't compete with foreign widget makers. "That's not fair," they cry. "They can do it better and more cheaply than us. We need the government to do something." And so the government always wants to help the widget industry, it puts a $.50 tariff on imported widgets.

So now the price of widgets has risen due to the tariff, but the number of people wanting to buy the widgets has decreased, because of the higher prices. Uh, oh--there is a deadweight loss to society--a loss created by the tariff not recouped by government or industry.

But protectionists cheer the government-sponsored socialism. "Yay, the widget industry in America is saved! Thanks Big Government!" But saavy consumers know better: they bear the loss associated with the tariff, the dead weight loss is felt on their shoulders.

I remember a few folks mentioned dumping: dumping is illegal. Japan did it in the 80s with steel and got slapped with a bunch of restrictions by the WTO.

Bush is moving us in the wrong direction with his protectionism act. It hurts consumers, and there is no way around that.