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Blending trade and national security policies

In the US, mercantilism could well end up being old-fashioned protectionism

A US steel mill. Nobody expects that the jobs in the steel and aluminium sectors that were lost to foreign competitors would return to the Rust Belt areas.

BOTH protectionism and mercantilism rely on shielding a country's domestic industries from foreign competition by taxing imports, but the two policies are not exactly the same. Policies pursued by advanced industrialised economics like the US that are aimed at protecting the producers,...