Protectionism, once thought to be a relic of the past, is making a comeback in global politics. Liam O’Connor analyzes this trend, looking at how countries like the US under Trump’s influence and the UK post-Brexit are revisiting protectionist policies. He discusses the economic theories behind protectionism versus free trade and the real-world implications for global markets.
O’Connor examines specific cases like the US-China trade war, exploring how tariffs and subsidies are used as tools of economic strategy. He also considers the political motivations, from protecting domestic industries to appealing to nationalist sentiments. The article addresses the environmental and labor issues that can arise, questioning if protectionism can align with global sustainability goals.
He concludes by pondering if this shift is a temporary response to economic insecurity or a longer-term realignment of global trade principles, suggesting a need for nuanced policies that balance national interests with global economic health.
