Targeted tariffs can be legitimately justified for national security (e.g., not depending on potential antagonists for defense materials), protecting iconic national-identity industries, or countering unfair trade practices like subsidies and market-access denial — but this is fundamentally different from taxing all goods from all countries.

normativepending

Speaker

Howard Marks

Evidence Quote

The argument we heard before the so-called liberation day was for targeted tariffs that would be applied selectively to accomplish these goals. But that's different from taxing all goods from all countries.

Source

More on Repealing the Laws of EconomicsOaktree Capital
Created: 6/18/2026, 2:18:14 PM

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