Encouraging domestic production is better than imposing import barriers, although relying on the market and comparative advantage is even better. Import Substitution Declaration Donald Trump gets castigated for his “Buy American” initiative, but (as has been stated before) nearly every country exercises some form of protectionism such as import duties, country-of-origin labeling, nontariff barriers, etc. The latest is a “European Soy Declaration,” whereby Europeans seek to become self-sufficient in plant proteins. Dissatisfied with large food trade surpluses and export volume growing nearly seven times faster than imports, the goal is to stop importing from the Americas.This kind of nationalism could be replicated by other countries. One...

TAGS – Soy & Oilseeds, Biofuels, Energy