Although both administrations (Biden and Trump) faced criticism for driving up costs through tariffs and industrial policy, global events were primarily behind rising prices.

Trade involves sacrifices to achieve gains. Cheaper consumer goods might lead to fewer domestic jobs or lower wages in certain industries. Increased imports can mean a reduction in local manufacturing. Running a trade deficit…requires an activist policy to ensure that the pain is not geographically concentrated.

An increasing focus on justice, sustainability and better working conditions has reshaped trade priorities worldwide. There has also been a growing shift toward producing goods closer to home, either through increased domestic manufacturing or by developing nearby supply chains.

For decades, the neoliberal economic order championed a vision of a borderless world, where goods and services flowed freely with minimal barriers. This ideal dominated global trade policy and corporate strategy, rendering “protectionism” taboo in mainstream debate. However, since the global financial crash, scepticism about globalisation has steadily grown.

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