Despite whatever misgivings I have about the current president, and I confess to having many, he’s right about pencils. 

“How many pencils does a person need?” He famously asked recently. You only need “one or two,” he insisted. And when I read those words, I looked up from my newspaper to the three jars on my desk, each stuffed with pencils and pens I’ve picked up over the years, none of them sharp or even usable, and I had to admit that from the standpoint of pencils, as he might put it, President Donald Trump is making sense.

Let me clarify: I know close to nothing about economics or trade policy. Once, many years ago, I had a long and engaging dinner with the Nobel Prize-winning economist Milton Friedman, and he seemed like a guy who knew what he was talking about, so I decided that I didn’t need to do any further research into the subject. “Whatever Milton Friedman thinks is good enough for me,” has been my guiding economic principle........

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