I believe the policy of having no reciprocity arrangements negotiated by the previous two Republican and Democrat Administrations was a national calamity, and I will demand their renewal and extension on such terms as will equalize our trade with other nations, remove the restrictions which now obstruct the sale of American products in the ports of other countries, and secure enlarged markets for the products of our farms, forests and factories.

Protection and reciprocity are twin measures of my platform and go hand in hand. Democratic and Republican rule has recklessly struck down both, and both must be re-established. Protection for what we produce; free admission for the necessities of life which we do not produce; reciprocal agreements of mutual interest which gain open markets for us in return for our open market to others. Protection builds up domestic industry and trade and secures our own market for ourselves; reciprocity builds up foreign trade and finds an outlet for our surplus.

Just as the merchant in the market only makes trades of self interest so to should the country act as responsibly as the merchant. Just as there is no such thing as a free lunch there is no such thing as a free market when our trade is lopsided. Running a foreign trade deficit allows for the unrestricted flow of Americas wealth to leave her borders. Reciprocal tariffs based upon the value of foreign trade imbalances are truly the only way to have sustainable trade and mutually beneficial trade.

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