I’m not sure whether anyone but me cares about the Romney-Trump spat over trade policy; it’s much more interesting, for normal human beings anyway, to talk about the size of Trump’s, er, hands. For that matter, even Romney’s past relationship with Trump is notable mainly because racism and birtherism didn’t bother him back in the good old days. Still, the trade dispute is a revealing fight, on both sides.

Actually, a bit of background: establishment Republicans may talk free trade, but they are if anything more protectionist than Democrats in practice (although neither party is seriously protectionist these days.) Remember, it was Bush, not a Democrat, who imposed a WTO-illegal steel tariff, then had to back down in the face of European pressure. And going back, remember that Reagan, not Carter, imposed import quotas on Japanese cars.

The reason for this difference, I think, is twofold. First, Republicans are much less respectful of international obligations; it took a while for the Bushies to realize that trade rules apply to us, too, and that the EU is as big a trade superpower as we are. Second, there’s a level of cynicism, of willingness to play politics with foreign affairs, on one side that isn’t matched on the other.

Which brings me to the latest fight. Romney declares with horror that Trump would start a trade war. His economics is all wrong, which is the main thing; but it’s also worth noting that thee and a half years ago Romney himself argued for exactly the same policies Trump advocates now, blithely dismissing the dangers:

“I’ve watched year in and year out as companies have shut down and people have lost their jobs because China has not played by the same rules, in part by holding down artificially the value of their currency,” Mr. Romney said. … Asked about the possibility of a trade war at his debate with President Obama, Mr. Romney said one was already under way. “It’s a silent one, and they’re winning,” he said. “We can’t just surrender and lose jobs.”

Now, Romney could argue that the situation has changed — as it has since 2010, when I was arguing for the threat of countervailing duties. Back then China was in fact engaged in harmful currency manipulation; these days it’s bleeding reserves in the face of YUGE capital outflows (a trillion dollars last year!) that is, it’s intervening to prop the yuan up, not hold it down. But that’s not the case Romney is making.

So how do we score this debate? Four Pinnochios on each side. Romney talks nonsense economics, and condemns as terrible the very policies he himself called for not long ago. But Trump is stuck in a time warp, making arguments that had some force when China was booming but none in the current situation.

Sorry, but no winners here, just big losers. Sad.