(Editor's Note: The following opinion column does not constitute an endorsement of any political party, or candidate, on the part of Newsmax.)

This week, Donald Trump had a revealing interview with Bloomberg’s editor-in-chief John Micklethwait. They clashed over tariffs and their dialogue speaks volumes about how Trump’s views differ from the conventional economic wisdom.

Mr. Micklethwait argued that Trump’s planned new tariffs would "essentially halt trade with China" and blasted the former president’s plan to impose 10% universal tariffs on Europe and Japan while raising them 100% on China.

Micklethwait said that Trump’s tariffs would force higher prices domestically, provoke sharp retaliation from Beijing, and alienate our closest allies.

Trump responded that the tariffs he imposed on China during his presidency did not kindle inflation and that U.S. industries easily weathered the retaliatory tariffs China imposed.

Now the establishment, as personified by Micklethwait, now warns again of inflation and severe economic damage should Trump proceed to impose such big tariffs.

Like the great New York Yankees catcher Yogi Berra said "Its deja vu all over again."

Trump is right.

American businesses are nimble enough to go outside China to feed their supply chains.

China needs the U.S. too much to cripple our economy or even to make a dent.

Americans can easily cut back on their imports from China while Europeans and the Japanese can easily absorb a 10% increase in tariffs.

Thinking of international trade as a zero-sum game is outdated and flies in the face of the global response to Trump’s tariffs during his first term.

Morally, Trump rightly justifies the tariffs by noting that the rest of the world has been taking advantage of our generosity in racking up a $773 billion trade surplus with us last year and that it's now time to even the score.

Dick Morris is a former presidential adviser and political strategist. He is a regular contributor to Newsmax TV. Read Dick Morris' Reports — More Here.