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RESEARCH PRODUCT

U.S. Protectionism on the Rise

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A burning topic today is the freedom of international trade, namely the degree of intervention of the state in the economy. Like most of the developed countries, the U.S. got rich and promoted its young industries by applying tariffs and quotas. Protectionist measures proved to be beneficial in the short term, but if prolonged, they are likely to discourage trade and confer too much power to the state. The U.S. President Donald Trump has decided to turn from free and open trade toward so-called fair trade based on "America first" policy. Thus, the U.S. free trade began to lose the fight with economic protectionism, and national interest gained ground at the expense of economic cooperation. The desire to make America great again will benefit some national companies, but others will suffer major losses.