Geopolitical Economy Report How Trump's tariffs will accelerate US decline
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Feb 9, 2025 
Michael Hudson, an economist known for his critiques of neoliberalism, and Mick Dunford, a scholar based in China with insights on global trade, delve into the repercussions of Trump's tariffs. They argue these measures could accelerate U.S. decline, highlighting how protectionism might backfire and exacerbate inflation. The discussion contrasts historical contexts with modern trade dynamics, assessing the U.S.'s waning competitiveness and how nations might adapt to shifting global power. They also critique the differing globalization approaches between the West and China.
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US Industrialization History
- The US historically rose to industrial power through protectionism and public infrastructure investment.
- This approach subsidized basic needs, reducing labor costs for employers.
Trump's Tariff Strategy
- Trump's tariff strategy is driven by desperation and aims to extract surplus from other countries.
- He uses tariffs to create panic and leverage concessions, prioritizing a win-lose approach.
Tariffs and Industrial Policy
- Free trade favors the strongest competitor, and tariffs can be a tool for countries seeking to improve living standards.
- Trump's use of tariffs deviates from historical precedent by aiming to impose American will.