William Schambra is a Hudson Senior Fellow and Director of the Bradley Center for Philanthropy and Civic Renewal. This essay is adapted from a Bradley Lecture delivered at the American Enterprise Institute on December 8, 2009.
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US President Donald Trump reacts after signing executive orders imposing tariffs on imported goods in the Rose Garden at the White House on April 2, 2025, in Washington, DC. (Andrew Harnik via Getty Images)