Trump’s favorite word in the dictionary is “tariff”. In his view, it just needs a little public relations (PR) help. I don’t know about that. Personally, I’m not a fan of tariffs. Over the long-run, history has shown they do more harm to the economy vs help. Better PR won’t change that. However, in the very near-term (24-36 months) – they can be seen to add jobs and create benefits for the protected industry(s). From that lens, people are mistaken to believe they’re working (as that’s what’s visible). But what about the unseen? To help explain, I’ll draw on the timeless work of Adam Smith. The protectionist policies of today are not only reminiscent of those in the seventeenth and eighteenth centuries — but are arguably worse in their complexity and scale.