Washington, D.C. — In the early weeks of Donald Trump’s second presidential term, it’s already clear that his administration’s approach to trade policy only rewards the wealthy with more wealth, leaving working-class American families and workers to foot the bill. This isn’t the first time American trade and economic policy has looked this way.
New analysis from the Center for American Progress outlines how Trump’s economic and trade agendas hearken back to the Gilded Age of the 19th century—an era marked by inequality, recessions, and rampant corruption. The column also describes what a modern, pragmatic approach to international economic policy could entail if it is designed to create good jobs, reward sustainability, and address inequality both between and within countries.
Key recommendations for Congress include:
- Doubling down on expanded investments in American manufacturing
- Implementing strategic, targeted tariffs meant to protect key industries from predatory export policies
- Expanding the concept of workforce training to fully equip American workers for the jobs of tomorrow
- Updating international institutions such as the World Trade Organization, World Bank, and International Monetary Fund so their rules reflect current economic needs
- Developing multilateral approaches to trade that reward exporters that decarbonize their supply chains and treat their workers well
“The Trump administration’s trade and economic agenda would be fully recognizable to the absurdly wealthy Gilded Age leaders of the late 19th century—and it offers the same cold comfort to workers and average Americans: none,” said Ryan Mulholland, senior fellow for international economic policy at CAP and author of the column. “Still, while the capture of Trump’s government by the very wealthiest recalls the robber barons of old, the answer cannot be a return to the unfettered liberalized trade, tax-cutting, and deregulation of the late 20th century. Americans deserve a new approach designed to address the realities of the modern world.”
Read the column: “Why Is Trump Pursuing a 19th Century Trade and Economic Agenda in the 21st Century?” by Ryan Mulholland
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