John Cassidy

US used to have a huge textile industry that basically went away in the 80s and 90s. And then China came along, the China shock in the early 00s. And that was, you know, that's basically an unprecedented shock. And economists, a lot of American economists, you know, took a long time to recognize that.

But even the people who supported unrestricted free trade, I think now recognize that the China shock, you know, was huge and did a lot of damage there. to industrial areas and, you know, has given a boost to populism, including Trumpian populism.

But even the people who supported unrestricted free trade, I think now recognize that the China shock, you know, was huge and did a lot of damage there. to industrial areas and, you know, has given a boost to populism, including Trumpian populism.

But even the people who supported unrestricted free trade, I think now recognize that the China shock, you know, was huge and did a lot of damage there. to industrial areas and, you know, has given a boost to populism, including Trumpian populism.

So the man himself, why is he so anti-free trade and pro-protection? It seems to go back to the 80s in Japan and when Japanese car companies were first coming in here. I think he just sees it in terms of a sort of businessman that... you know, we're giving them our valuable markets and that's always bad. You know, it's like letting a rival casino set up next to his. He shouldn't be allowed.

So the man himself, why is he so anti-free trade and pro-protection? It seems to go back to the 80s in Japan and when Japanese car companies were first coming in here. I think he just sees it in terms of a sort of businessman that... you know, we're giving them our valuable markets and that's always bad. You know, it's like letting a rival casino set up next to his. He shouldn't be allowed.

So the man himself, why is he so anti-free trade and pro-protection? It seems to go back to the 80s in Japan and when Japanese car companies were first coming in here. I think he just sees it in terms of a sort of businessman that... you know, we're giving them our valuable markets and that's always bad. You know, it's like letting a rival casino set up next to his. He shouldn't be allowed.

Beyond him, there's always been this debate about, you know, how far protectionism is, um, Justified. I mean, America in its early decade, century, was a protectionist country. The argument is that when you don't have an industry and you're trying to build it up, you are justified in providing temporary protection for yourself. That doesn't justify slapping tariffs on everything.

Beyond him, there's always been this debate about, you know, how far protectionism is, um, Justified. I mean, America in its early decade, century, was a protectionist country. The argument is that when you don't have an industry and you're trying to build it up, you are justified in providing temporary protection for yourself. That doesn't justify slapping tariffs on everything.

Beyond him, there's always been this debate about, you know, how far protectionism is, um, Justified. I mean, America in its early decade, century, was a protectionist country. The argument is that when you don't have an industry and you're trying to build it up, you are justified in providing temporary protection for yourself. That doesn't justify slapping tariffs on everything.

Trump's argument seems to be that all trade is bad. He's not just saying, you know, we have to counter unfair trade or we have to defend our infant industries such as they are.

Trump's argument seems to be that all trade is bad. He's not just saying, you know, we have to counter unfair trade or we have to defend our infant industries such as they are.

Trump's argument seems to be that all trade is bad. He's not just saying, you know, we have to counter unfair trade or we have to defend our infant industries such as they are.

No, no. I mean, that was the basis of his... It's just emotional. It seems to be. It's instinctual, I would say, on his part.

No, no. I mean, that was the basis of his... It's just emotional. It seems to be. It's instinctual, I would say, on his part.

No, no. I mean, that was the basis of his... It's just emotional. It seems to be. It's instinctual, I would say, on his part.

Even though the MAGA movement... portrays itself as you know a movement for workers and a lot of the foot soldiers are you know around the country um it's still a republican party and a republican party is still a party of business

Even though the MAGA movement... portrays itself as you know a movement for workers and a lot of the foot soldiers are you know around the country um it's still a republican party and a republican party is still a party of business

Even though the MAGA movement... portrays itself as you know a movement for workers and a lot of the foot soldiers are you know around the country um it's still a republican party and a republican party is still a party of business

And I didn't think it was going to be sustainable to have a Republican government introducing blanket tariffs because it damages so many businesses and the markets are going to hate it. I think he thought he could take some pain, but when it came to it, it didn't. I mean, that's the great irony here. The Chinese have shown that, you know, they're willing to take more pain than we are.