“Trade policy has long followed the trickle-down approach that has been so common over the past four decades. But if we recognize that deferring to the market has its limits in ensuring that domestic economic policy benefits working people, we must also recognize its limits to do the same when it comes to trade,” Tai wrote in the FT.

“While profits and executive pay soared, workers were left behind,” Tai wrote.

Meanwhile, concentrated production emboldened monopolistic behavior by countries such as China. “The American economy has been and remains an open one. That, however, has meant that American workers were particularly exposed to the harms from such behavior,” she said.

Read the article.