Supply side economics, which aims to stimulate growth by reducing costs for industry, is jeered today as “trickle down economics”; it’s considered regressive because the benefits are concentrated for suppliers while the benefits to consumers never materialise. This policy has “failed every time it’s tried!”

Tariffs are the antithesis of supply side strategy. Yet tariffs, which increase costs for suppliers like any other tax, are derided by the same people as “regressive” as if they will always be born 100% by the consumer. Supposedly, tariffs cannot possibly benefit the working class on any time scale.

At least one of these positions must be at least partly wrong. Which is it?