Trump has repeatedly promised to make the United States a “manufacturing powerhouse” to avoid being permanently overtaken by its Asian competitors. (In the 1980s it was Japan; now it’s China.) According to the president, friends even more than foes have been “taking our jobs, taking our wealth.” His solution is to impose tariffs on all U.S. trading partners.
There is certainly a constituency for the view that Americans were better off in the past than they are now, and that nineteenth-century policies are the way to go. Christian Whiton, for example, has argued that “reasonable tariffs, Jacksonian defense policy, and immigration control [will] set [the] stage for peace and prosperity after turbulence.”
In reality, however, applying policies that were appropriate more than a century ago, when the U.S. enjoyed all kinds of advantages as a location for manufacturing, will cause something worse than turbulence.
With his assault on “globalism,” Trump stands as much chance of success as a British prime minister who proposed to reassemble the empire, or a German chancellor who attempted to restore the Hohenzollerns to the throne. Time’s arrow does not fly backward.
“Trump’s Tariffs and the End of American Empire” https://t.co/Qby7iZ0RnC
— Niall Ferguson (@nfergus) April 6, 2025
