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Trump’s Triumph: Free Trade’s Failure Foretold His Victory

Donald Trump plans to reinstate tariffs on imports if he becomes president again. Richard Koo, a chief economist, believes these tariffs may have some economic benefit. Decades of trade deficits and a strong dollar led many Americans to feel they lost out from free trade, supporting Trump's protectionist policies. However, economists generally oppose tariffs as they increase costs for consumers. The Biden administration has focused on industrial policies instead of tariffs to boost domestic manufacturing.