President Donald Trump's tariffs have made trade policy a hot topic on social media.Elon Musk and Steve Hanke shared clips of Milton Friedman talking protectionism and globalization.A Dave Chappelle joke and a clip from "Ferris Bueller's Day Off" have also been making the rounds.

Pundits and social media users quickly mocked the Trump administration for imposing tariffs on islands that are unoccupied by humans and questioned whether any research went into enacting the tariffs. The Heard and McDonald Islands are also home to Australia’s two active volcanoes.

U.S. President Donald Trump on Thursday proposed a 10% tariff on an island with no people and lots of penguins, sparking a flurry of memes that have been going viral on the Internet.