· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on The Economist or enjoy below:
🗞️ Driving the news: Congressman Jared Golden introduced a bill proposing a 10% tariff on all imports to the U.S., reflecting a shift in political attitudes toward tariffs
• Once considered outdated, protectionist measures like tariffs are now gaining support across party lines, signaling broader acceptance of economic nationalism
• Golden’s proposal echoes Donald Trump’s previous calls for universal tariffs
🔭 The context: Tariffs, historically viewed as a last-resort policy, have re-entered mainstream U.S. politics, largely driven by concerns about job losses, trade deficits, and competition with China
• Protectionism is increasingly seen as a way to bolster domestic industries and address economic vulnerabilities, reshaping U.S. trade policy discussions
🌍 Why it matters for the planet: Tariffs can disrupt global supply chains, increasing production costs and potentially slowing international cooperation on sustainability initiatives, including green technology deployment
⏭️ What's next: The rise of bipartisan support for protectionism could signal a shift in future U.S. trade policy, potentially leading to more tariffs and strained trade relations with key partners like China and the EU
💬 One quote: "Tariffs, long seen as an obsolete tool of economic policy, have gained respectability across much of the political spectrum in America"
📈 One stat: Jared Golden’s bill proposes a 10% tariff on all U.S. imports, a rare and sweeping approach to protectionism
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