Byron Wien… RealClearMarkets

Byron Wien has a nice piece at RealClearMarkets, here…

“For most of the post–World War II period the world has forged constructive trade agreements that have enhanced the globalization process. Arguably, this trend started with the General Agreement on Tariffs and Trade (GATT) in 1947, when the average tariff rate between participating countries was 22%. But with each successive treaty, including the North American Free Trade Agreement, the European Union, the proposed Trans-Pacific Partnership and others, average rates around the world drew closer to low single-digits. The U.S. saw its tariff rate fall from a high of 30% in 1918 to a low of 1.3% in 2010. The current trade confrontation between the United States and its trading partners around the world represents a potential reversal of that trend.”