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US President Donald Trump’s aggressive approach to trade, which was on stark display at last week’s G7 summit in Quebec, has elicited widespread derision. Critics point out that his tariffs hurt the domestic economy – by raising costs for consumers and producers, and reducing foreign sales of farmers and other exporters – while undermining America’s relationships with its own allies. But there is one point that many observers get wrong: contrary to popular belief, Trump’s tariffs are not an unprecedented departure from historical Republican orthodoxy.