The Perils and Pitfalls of Trump's Trade Strategy

As I argued in a column published last month, the Trump administration's tariff strategy appears to be aimed at boosting U.S. manufacturing -- and specifically jobs in the sector, which has fallen from a peak of employing about 19.5 million Americans in 1979 to 12.7 million in February 2025. However, Trump's tariffs will likely ultimately fail to accomplish these goals due to myriad constraints, and could fundamentally undermine U.S. economic competitiveness for years to come if they remain in place in their current form....