Ricardo Hausmann makes a decent argument that large negative externality import taxes would do more to reduce Russian oil and methane profits than Western bans on their importation. But it's doubtful anyone in the establishments noticed. No one in the establishments is an actual policy wonk.
Large Pigouvian taxes would also be a decent choice against Chinese aggression, though supply and demand elasticities vary greatly among Chinese products.
The ruling classes must not demand that we sacrifice millions of our lives, if not hundreds of millions, to save Taiwan from Chinese rule, along with millions of additional casualties left suffering for generations. Taiwan spends a mere two percent of GDP on defense. It is a currency manipulator. It produces much larger per capita current account balances than China. It is a Western ally in name only.
Why should we make astronomical sacrifices to defend Taiwan's borders when our totalitarian ruling classes won't even defend our own from invaders, who will prove even worse for us in the long run than the Chinese will for Taiwan?
Large wars almost always go much worse than their promoters envision. That's not even counting the huge opportunity costs that politicians almost always ignore.
The fact that ordinary Taiwanese are the kindest Asians should not manipulate us into sacrificing almost everything, especially when Taiwanese refuse to make sufficient sacrifices themselves.
It's one thing for elites to pretend we will defend Taiwan, utterly rotten if they really think it's a good idea.
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