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FT News Briefing
Swamp Notes: How protectionism got trendy
Sep 7, 2024
Sam Fleming, a leading economics editor known for his insights on trade policies, and James Politi, Washington bureau chief with expertise in political economics, delve into the rising trend of protectionism across party lines. They discuss how national security has reshaped trade policies, exemplified by Kamala Harris's opposition to Nippon Steel's bid for US Steel. The duo highlights the complex relationship between job security, patriotism, and foreign investment, while examining the inconsistent strategies of the Biden administration regarding trade.
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Quick takeaways
- The bipartisan shift toward protectionism in U.S. trade policy is driven largely by national security concerns and economic nationalism.
- Recent protective measures like the Inflation Reduction Act reflect a strategic electoral focus that prioritizes domestic jobs over international trade relationships.
Deep dives
Rise of Protectionism
The trend toward protectionism in the U.S. is largely attributed to national security concerns that have gained prominence since Donald Trump's presidency and intensified following the COVID-19 pandemic. Global supply chain disruptions revealed vulnerabilities in key industries, particularly medical supplies, which exacerbated anxieties about dependence on Chinese manufacturing. This heightened awareness of national security has shifted political attitudes, with both major parties increasingly adopting protectionist stances, demonstrating a more systematic approach under the Biden administration, contrary to expectations of a post-Trump shift. Such trends reveal a growing bipartisan consensus focused on safeguarding U.S. industries and self-sufficiency.
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