Economics/Class Relations

Is Trump an Ardent Protectionist or a Deal-Making Free Trader?

May 28, 2025
Welcome to The Lighthouse, the weekly email newsletter of the Independent Institute covering politics, economics, current events, and everything in between.
Dear Readers,

Last week Independent Institute hosted a two-day Scholars’ Summit, bringing together a group of affiliated research fellows and allied researchers from throughout the country. Attendees worked together to shape some forthcoming projects by Independent Institute while also strategizing on how to take advantage of research opportunities on subjects such as the nexus of fiscal and monetary policies, private solutions to public policy problems, America’s 250th Anniversary, topics in surveillance, the American West and defending free markets in an increasingly anti-market world.

This week’s articles especially focused on the last of those themes, defending markets. We revisit persistent myths surrounding tariffs with two installments of Scott A. Burns and Caleb Fuller’s Debunking the New Mercantilists series and an article by Thomas J. Grennes. Scott Beyer writes about the optimism we should feel about AI. Ethan Yang covers the EU’s evolving stance towards antitrust and Craig Eyermann writes about the U.S. credit rating downgrade.

Happy reading!

Jonathan Hofer
Managing Editor

Top picks this week

The Fairy Tale of Returning to a Tariff-funded Government

by Scott A. Burns, Caleb S. Fuller

Our Founding Fathers didn’t share a deep affinity for tariffs, nor did they think tariffs were some secret sauce for economic prosperity.
Read More

The Legend vs. the Reality of Tariffs in Early American History

by Scott A. Burns, Caleb S. Fuller

If tariffs hurt the economy, why did the U.S. experience strong growth for its first 150 years when the Treasury was primarily funded by tariffs?
Read More

Is Trump an Ardent Protectionist or a Deal-Making Free Trader?

by Thomas J. Grennes

The unpredictability of Trump’s tariff policy has generated unprecedented uncertainty for the U.S. and global economies.
Read More

AI Can Untap Trillions in Economic Potential—If It’s Allowed To

by Scott Beyer

We should seriously consider the impacts of disrupted livelihoods, while also recognizing the potential losses from hindering AI progress.
Read More

Will the EU Step Back on Antitrust Enforcement?

by Ethan Yang

It remains to be seen how far the European Commission (EC) can go without having to rewrite its antitrust laws while also balancing dissenting voices.
Read More

Uncle Sam’s Cost to Borrow Goes Up After Credit Rating Downgrade

by Craig Eyermann

Moody’s Investors Service acted to strip the U.S. government of its last “top-notch triple-A” credit rating.
Read More

FEATURED BOOK (Now in Paperback)

The New Deal’s War on the Bill of Rights

The Untold Story of FDR’s Concentration Camps, Censorship, and Mass Surveillance

by David T. Beito

“This book is not mere history; it is an exposé. You won’t know which is more shocking: the lengths to which FDR and New Dealers like Senators (and future Supreme Court justices) Hugo Black and Sherman Minton went to suppress freedom of speech, privacy, and civil rights; or the degree to which these efforts have been concealed by pro-FDR and New Deal propagandists.”
—Randy E. Barnett, Patrick Hotung Professor of Constitutional Law, Georgetown University Law Center
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