Adam Smith would likely view Trump’s tariff strategy as a revival of mercantilist thinking: protectionist, politically driven, and ultimately harmful to consumers and long-term growth. He would argue that tariffs privilege narrow producer interests, raise prices, invite retaliation, and undermine the predictable rules that allow markets and international commerce to flourish.

At the same time, Smith might accept narrowly defined national-security exceptions and would urge measured, evidence-based responses to dislocation—favoring structural reforms, transition assistance, and openness to trade rather than broad, punitive tariffs.