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Return to Domestic Manufacturing
Introduction
One might suggest that actors and participants in the financial world are now witnessing a resurgence of a protectionist and even isolationist paradigm in trade with the United States (US) as a pioneer. According to Dettmer, the U.S. is & focusing on national self-reliance and boosting manufacturing capacity. Global socio-economic, political, and even environmental happenings are things that may reveal the reason for a return to the market politics of the old times.
Analyzing Global Trade Patterns
Surprisingly, the drivers of such a fundamental change of going back to industrial policies are not only the safety barriers in global trade that various governments, including the US, have imposed to minimize the spread of the Coronavirus pandemic. Although reduced economic processes have also impacted world trade as global cross-border investment has declined dramatically during the past two pandemic years (Dettmer). The historically new, never-before-seen ethical climate change activism is another origin of influence that led to the US adopting new industrial policies. Reducing the carbon footprint requires limiting imports through a policy of high tariffs, which Biden has maintained since Trump. It led to a decrease in imported goods, higher demand for them, and, consequently, the emergence or, at least, announcement of industrial policies for the development of domestic manufacturing.
Conclusion
Rising tensions in the political rivalry are also among the causing factors for a return to protectionism from the US. Experts have seen this trend of aggressive reluctance on the part of governments to make concessions and new agreements in trade on the rise since at least 2015 (Dettmer). The multiple and popular advocates of developing countries who argue that free trade hurts and slows down the welfare of emerging nations have also been a trigger for Americas return to domestic production.
Work Cited
Dettmer, Jamie. Economic Protectionism May Prolong Shortages. Voice of America, 2021.
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