The chaotic rollout of U.S. import tariffs by President Donald Trump’s administration — targeting both allies and adversaries — defies easy explanation.
As I argued in a previous commentary, the United States is now pursuing multiple, often contradictory objectives. Given the structural trends driving deindustrialization in advanced economies, the prospect of reshoring manufacturing seems remote. Instead, the more plausible goal is fiscal. The current U.S. administration claims that tariffs can generate revenue so that foreign countries are effectively subsidizing tax cuts for U.S. residents.
Many Americans probably find this rationale compelling. After all, what’s wrong with putting national interests first?
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