Let's Know Things

This week we talk about the European Union, India, and tariffs.We also discuss trade barriers, free trade, and dumping.Recommended Book: The Kill Chain by Christian BroseTranscriptA free trade agreement, sometimes called a free trade treaty, is a law that reduces the cost and regulatory burden of trading between two or more states.There are many theories as to the ideal way to do international trade, with some economists and politicians positing that complete free and open trade is the way to go, because it allows goods and services to cross borders completely unencumbered, which in turn allows businesses in different countries to really lean into whatever they’re good at, selling their cars to countries that are less good at making cars, while that recipient country produces soy beans or computer chips or whatever they’re good at making, and sending those in the other direction, likewise unburdened by stiff tariffs or regulatory hurdles. Each country can thus produce the best product cheapest and sell it to