Dan Hannan: A US-UK deal will revolutionize world trade

Let’s take Donald Trump both seriously and literally. When he says he wants to abolish all trade barriers, let’s assume he means it. Back in June, the President stunned his fellow heads of government at the Quebec G7 summit by telling them: “No tariffs, no barriers, that’s the way it should be. And no subsides.”

A world where all such distortions were removed from markets would indeed be vastly wealthier. We would all benefit, especially people on low incomes, who would gain the most from a fall in prices. Pretty much every mainstream economist, from both ends of the political spectrum, endorses the idea of scrapping trade restrictions.