These Days Before the Vote: Free Markets in Labor and Capital

Whitewater, Wis. — This partly sunny Sunday afternoon in Wisconsin continues These Days Before the Vote, a series addressing, each day before the November election, a principle or position on which our liberal democratic tradition rests.

It is one of the most recognized libertarian positions that we advocate for free markets. This means more than non-libertarians (and some self-professed libertarians) understand. Free markets are markets in labor, capital, services, and goods. All of them. To say that libertarianism is merely for capital is to say too little about liberty, and by omission, too much about capital alone. People should be free to work, save, and purchase property with their earnings. Businesses should be free to invest their profits in expansion, modernization, and returns to owners.

There must be competition in the marketplace, for businesses and jobseekers, without burdensome government that picks winners or losers. Some framework under law is necessary to assure that competition is free of fraud, theft, monopoly, or oligopoly.

This free and nonviolent competition has no fixed end except those outcomes chosen voluntarily by sellers and buyers, employers and applicants, and merchants and consumers.

What, by contrast, has America's economy seen under its dealmaker chief executive, a second-generation real estate man of limited understanding but nearly limitless error? (One stops for now at nearly limitless, knowing that each day brings Donald Trump new chances to accumulate a worse record of accomplishment.)

The Trump administration ordered a 25% tariff on imported automobiles within about two months of taking office. The automobile industry, perhaps as much as any industry, relies on international supply chains. See Josh Boak, Trump places 25% tariff on imported autos. Carmakers could face higher costs and lower sales, Associated Press, March 27, 2025.

Later, less than four months into office, Trump imposed broad “reciprocal” tariffs in April 2025. These tariffs taxed Americans’ imports and distorted business decisions about ongoing trade and future investment. It was not until ten months later that the Supreme Court struck down these falsely claimed emergency-powers tariffs in February 2026. The world's largest economy was for nearly a year under the strain of a retrograde pro-tariff economic canard. See Josh Boak and Steve Peoples, What happens next after the Supreme Court slapped down Trump’s tariffs, Associated Press, February 20, 2026.

Trump ordered that Harvard, a private university, should be banned from enrolling international students. In doing so, Trump simultaneously denied a private university, private individuals, and private employers the freedom to transact for America's productive benefit. See Collin Binkley and Michael Casey, Trump administration bars Harvard from enrolling foreign students, May 22. 2025.

Trump ordered the doubling of tariffs on imported steel and aluminum to 50%. See Wyatte Grantham-Philips, Trump’s promised steel and aluminum tariffs go into effect, Associated Press, June 4, 2025.

Interfering in productive employee-employer relationships, Trump has ordered relentless immigration raids at farms and other businesses. See Paul Wiseman, ICE raids and their uncertainty scare off workers and baffle businesses, Associated Press, June 19, 2025.

That same year, the Trump administration imposed tariffs of up to 50% on many Indian goods. See Rubio and India’s foreign minister hold talks in Mumbai as both sides aim to finalize a trade deal, Associated Press, October 20, 2026 ("Washington imposed tariffs of up to 50% on most Indian goods in August 2025 after trade talks broke down. Under a framework agreed upon in February, the tariff rate was reduced to 18%, but the negotiations have since stalled.").

One hears much about socialism, yet it is the Trump administration that has converted federal funds into a 10% ownership stake in Intel, taken a federal 'golden share' in the Nippon Steel–U.S. Steel transaction, and conditioned approval for certain Nvidia and AMD chip sales to China on payments to the federal government. See Michelle L. Price and Michael Liedtke, Trump turns $11.1B in US government funds into a 10% stake in downtrodden Intel, Associated Press, August 22, 2025; Michael Levy, Trump gets ‘golden share’ power in US Steel buyout. US agencies will get it under future presidents, Associated Press, June 25, 2025; US will get a 15% cut of Nvidia and AMD chip sales to China under a new, unusual agreement, Associated Press, August 11, 2025.

Unusual — and contrary to centuries of market principles — indeed.

In 2026, Trump invoked a Depression-era statute to impose 50% tariffs on some Canadian goods. The expense of litigating the tariffs fell on an American business; the tariff burden itself fell on far more Americans. See Paul Wiseman, A New Jersey food importer files a lawsuit challenging Trump’s 50% tariffs on Canadian goods, Associated Press, October 20, 2026. (Predictably, the Trump administration granted selective relief to businesses in states with his political allies following intense lobbying. See Paul Wiseman, Trump, seeking to help Maine Sen. Susan Collins, exempts some Canadian imports from his 50% tariffs, Associated Press, October 23, 2026.)

The freedom of economic transactions must apply to laborers seeking a job, businesses looking for workers, and investors using private capital without government as a loud and demanding partner.

Markets cannot remain free when the Trump administration —or any administration —makes transactions subject to its political favor.