Commentary Argues Tariffs Can Lower Prices Over Time

Michael Brendan Dougherty published an argument in National Review on October 22, 2026, discussing protectionist trade policies. Dougherty argued that tariffs can, over time, bring prices below where they started. This argument is framed within the context of the infant industry theory, which suggests tariffs allow new domestic industries to grow and become efficient.

The argument addresses the ongoing debate regarding trade barriers, particularly in light of recent price increases. A study from the New York Federal Reserve found that tariffs contributed 2.9 percentage points to goods price inflation over the last year and a half, suggesting that without tariffs, prices would have slightly declined.