Reagan’s Trade Gamble: The Story Behind the Voluntary Export Restraints

Reagan’s Trade Gamble: The Story Behind the Voluntary Export Restraints

Ronald Reagan deserves much praise for his stalwart commitment to free trade and lowering trade barriers. Even his most contentious policy—the Voluntary Export Restraint (VER) agreement with Japan—can be seen as a defense of free trade, once the context and Reagan’s limited options are understood. But was the VER agreement a success? Do Trade Restrictions Fuel Growth? New Right thinkers such as Oren Cass certainly seem to think so, claiming two …