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With characteristic wit and clarity, Friedman dismantles protectionist arguments by explaining how money from imports eventually returns to create new American jobs, even as specific industries face disruption. Drawing on Adam Smith's economic principles from 1776, Friedman illustrates why focused job losses in industries like steel are visible and politically potent, while the dispersed economic benefits of free trade remain harder to visualize. Friedman argues that subsidized foreign imports are like gifts to American consumers. This classic exchange remains remarkably relevant in today's debates about international trade policies, tariffs, and economic nationalism.

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