US President Donald Trump's tariffs on imported steel are a perfect example of how protectionism can raise costs for consumers and producers, destroy jobs, and undermine domestic competitiveness. Now that he is considering additional tariffs on imported automobiles, a wide range of US industries should be very worried.
WASHINGTON, DC – After World War II, the United States led the world in reducing protectionist barriers and establishing an open, rules-based trade system. That effort resulted in a half-century of the most rapid economic growth in human history. But US President Donald Trump’s administration is now reversing that progress. The protectionism that Trump has unleashed is contagious and will likely spread well beyond the industries that he wants to insulate from foreign competition.
WASHINGTON, DC – After World War II, the United States led the world in reducing protectionist barriers and establishing an open, rules-based trade system. That effort resulted in a half-century of the most rapid economic growth in human history. But US President Donald Trump’s administration is now reversing that progress. The protectionism that Trump has unleashed is contagious and will likely spread well beyond the industries that he wants to insulate from foreign competition.