Unintended Consequences of Protecting American Industries: Insidious Trade Barriers Explored

In the realm of economic policy, tariffs have become a favored instrument under the current administration. However, it's essential to acknowledge that governments often interfere in the free flow of goods and services through various means, some of which are subtle and have persisted for years. These trade barriers, though seemingly innocuous, can sometimes create unintended consequences that adversely impact domestic industries and consumers alike. We delve into a timeless tale of how an attempt to safeguard one American industry inadvertently harms another. With good intentions often leading to the creation of trade barriers that inflate our living costs, it's a cautionary tale worth exploring. For those interested, we invite you to engage with our succinct, informative video series on TikTok, tailored for our Summer School program. To ensure the continued production of insightful content like this and gain access to exclusive bonus episodes, consider subscribing to Planet Money+ via Apple Podcasts or plus.npr.org/planetmoney. Our podcast is always accessible free of charge at various platforms including Apple Podcasts, Spotify, the NPR app, and wherever podcasts are available. For more content from Planet Money, follow us on Facebook, Instagram, TikTok, or sign up for our weekly newsletter. The series is skillfully hosted by Robert Smith, and produced by Eric Mennel. Devin Mellor serves as the project manager. This episode was deftly edited by Alex Goldmark, Planet Money's Executive Producer, with fact-checking provided by Emily Crawford.