FT News Briefing Swamp Notes: How protectionism got trendy
Sep 7, 2024
In this discussion, James Politi, the Washington bureau chief at the Financial Times, delves into the rising trend of protectionism in U.S. trade policy. He highlights how both Democrats and Republicans are reshaping their approaches, often citing national security as a key concern. The conversation unpacks the Biden administration's potential block on Japan's Nippon Steel takeover and examines the political motivations behind these shifts. It raises intriguing questions about the future of trade relations, especially with European allies amid evolving economic dynamics.
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Protectionism's Rise
- Protectionist trade policies are gaining popularity in the US, driven by national security concerns.
- This trend accelerated under Trump and further intensified after the COVID-19 pandemic.
Bipartisan Protectionism
- Both Democrats and Republicans are embracing protectionist trade policies, albeit with varying degrees.
- While there's bipartisan support for protectionism, Trump's proposals are more radical than Harris'.
Politics of Protectionism
- American political sentiment has shifted away from globalization and free market economics.
- A tougher trade stance resonates with voters concerned about domestic jobs and patriotism.