All things being equal, I would agree. However things are not equal. Especially when China has been artificially pegging their exchange rate much lower than it should be for much longer.

I'm not for tariffs actually, but neither do I think 'common knowledge', especially if it's 80yrs old, has earned any right to go unexamined. Globalization and free trade are not without their problems, especially not if Grove is correct (I think he is) in asserting they've cannibalized a significant portion of our economy that both creates jobs and enables innovation.