Many US policymakers tilt towards trade protectionism

TWO devastating American financial crises - the Crash of 2008 and the Great Depression of 1929 - have caused many US policymakers to prefer a policy of trade protectionism and avoid wasteful foreign military interventions.

US foreign policy is now confronting strong domestic pressure. Firstly, there is a mood of protectionism within US Congress at present. The country must avoid becoming protectionist, and must not erect tariff walls as it did in the years following 1929, with disastrous effects on global trade.

Secondly, weakening US economic power has reduced US ability to intervene abroad unilaterally, signalling a switch to multilateralism following 2008. Similarly, the US had consciously adopted a policy of isolationism in 1929 following its bitter participation in World War I.