Building on three videos I shared in 2018 (see here, here, and here), let’s look at another example of Ronald Reagan explaining the benefits of free trade.

I’m sharing the above video because the government of Ontario in Canada recently ran an ad featuring excerpts of that speech (watch here) and apparently this distressed Trump so much that he cancelled trade negotiations with our neighbors to the north.

Why such a petulant reaction?

I have no idea, but it’s absurd. Canada is a friend and ally. Looking at the possible exceptions to free trade, none of them apply to Canada.

Indeed, this quote from Reagan is very applicable to the current controversy.

Some people have tried to argue that Reagan was actually a protectionist like Trump.

That’s nonsense. Reagan was the president who gave us the very successful NAFTA deal. And he started the Uruguay round of trade negotiations that led to the WTO.

For those who want more details, I encourage them to read the articles linked in this tweet.

Unfortunately, the Foundation charged with preserving Reagan’s legacy decided to lie, issuing a statement that served Trump’s political interests rather than telling the truth.

But you don’t have to believe me. Watch the Canadian ad (here) and then re-watch the Reagan video at the start of this column.

The Ontario government is exactly representing Reagan’s pro-trade views.

Indeed, Phil Magness shared this amusing meme about the Reagan Foundation’s betrayal of his legacy.

P.S. Since not every quote you find on the Internet is true, I did confirm that Reagan did make this warning about trade and demagogues, specifically at the 3:37 mark of this video..

Though, in Trump’s defense, I don’t think he’s being a demagogue. He seems to genuinely believe in protectionism.

Which leads me to close with an interesting question to ponder: Is it worse to impose protectionism because you believe it’s a good idea or is it worse to impose protectionism when you know it’s a bad idea?