As the the debate continues over President Donald Trump's tariff policies — not only between the administration and countries whose imports by the U.S. face new tariffs, but perhaps even more so in the media and among social media keyboard jockeys— conservative political commentator Victor Davis Hanson has asked 10 tough and thought-provoking questions on trade, tariffs, and trade wars that he says aren't being asked, but should be, and answered honestly, as well. 

I couldn't agree more. Then again, one's "honesty" is all too often defined by his or her politically predisposed beliefs and opinions, so there's that.

In an article published by The New York Post on Sunday, VDH began with "President Trump’s so-called 'trade war'":

Many call the American effort to obtain either tariff parity or a reduction in the roughly $1 trillion trade deficit and 50 years of consecutive trade deficits a “trade war.” But then what do they call the policies of the past half-century by Europe, Asia, China, and others to ensure asymmetrical tariffs, pseudo-health and security trade restrictions, and large surpluses? A trade peace? Trade fairness?

Seems to me that what we call it pales in comparison to the reality that it's been happening for decades. 

Trump is not only right when he claims that much of the world has been ripping off the U.S. with unfair trade practices for decades; he's also right that the United States has done little, if anything, to stop the nonsense in its tracks, which is what he intends to do. 

While some might argue about the president's tactics and overall policies to correct the imbalance, the facts remain the same: it's past time to put an end to grossly unfair trade policies against the U.S.

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Not Known for Squishy Takes, Stephen Miller Says Tariffs Will Save US From 'Complete Economic Domination'

In another important question, VDH asked: "Is Wall Street’s panic based on what might happen — or on what is happening?"

My two cents, as a former portfolio manager with a focus on asset allocation: 

In this case, the equity markets have been responding to both: what is (has been) happening, and what might happen. Stock market performance — up or down — is generally a leading indicator, meaning the equity markets move in either direction based on what investors expect to happen in the future. 

In this case, uncertainty, largely based on the reactions of countries whose products face new tariffs, and Trump's reactions to their reaction to their reactions, has been unsettling to investors, which has been understandable.

Incidentally, the simplistic response of "now's a good time to buy" when the equity markets sharply turn down might be feasible for investors who are years away from retirement. Those who face retirement in the not-too-distant future who have substantial equity holdings in the 401(k)s are a different story.

In another excellent question, VDH asked: "Is the Trump agenda bad economic news?"

He proceeded to answer the above question with other questions:

Is the current panic over tariffs amplified by Trump’s other policies? Is the sudden end of 10,000 illegal entries a day bothering Wall Street? Are the media furious that the Red Sea is suddenly navigable again, the Houthis in Yemen curtailing their attacks? Is the outrage due to the targeting of approximately $200 billion in budget cuts or plans to shave off $500 billion from the annual budget? Does the conundrum arise because Trump is sanctioning Iran, unapologetically supporting Israel and seeking an end to the Ukraine war?

The above is a perfect example of why Victor Davis Hanson remains one of America's great conservative voices.

No list of relative questions would be complete without this question from VDH: "Was the Biden record preferable?"

Again, he answered the question with other questions:

Should Trump try to match former President Joe Biden’s $7 trillion addition to the national debt? Should he return to allowing 12 million illegal aliens into the country? Was the 2021 Afghanistan pullout a good model? Is Wall Street worried that Trump may copy the Biden New Green Deal, his electric vehicle mandates and more green regulations?

Smart — and wryly humorous. 

The Bottom Line

While President Trump's tariff policies and his reactions to responses of other countries might not be perfect — nothing is — the fact remains that he's the first president of the United States to attempt to reset the world's trade imbalance. For that, he deserves not only kudos, but also the opportunity to make it happen.

Editor's Note: President Trump is leading America into the "Golden Age" as Democrats try desperately to stop it. 

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