President Donald Trump has made tariffs a cornerstone of his plan to rebuild America’s economic core. Research by Dr. Stephen Miran, Chair of the Council of Economic Advisers, lays out how tariffs can be used to bring manufacturing jobs back, a key promise of the Trump administration.

There is every indication that Mr. Trump will stay the course, notwithstanding near-term economic costs.

A weak point in the analysis is that it takes inordinately long for manufacturing capacity to build up even when there is an obvious economic opportunity brought about by strategic use of tariffs.

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