What if China Wins the Trade War?
A military-industrial strategy for the U.S. and its allies to match China will need to involve three elements:
Tariffs and other trade barriers against China , in order to prevent sudden floods of Chinese exports from forcibly deindustrializing other countries.
Industrial policy , to maintain and extend manufacturing capacity in democratic nations.
Noah Smith • Manufacturing Is a War Now
“There is no question that an American withdrawal from global trade – the gradual closure of the world’s largest consumer market and largest capital market – would impose significant costs at first on the rest of the world and eventually on the United States itself. If the United States retreats from its traditional role without agreeing on a new... See more