Economic Nationalism vs Globalization: Analyzing Trump’s Trade Strategy

Abstract

This paper explores the trade policies of the Trump administration within the framework of economic nationalism and globalization, focusing on the period 2017-2021. It assesses the impact of key decisions such as the imposition of tariffs on Chinese imports, the NAFTA renegotiation into USMCA, withdrawal from Trans Pacific Partnership, and overarching strategic goals to understand the intended and unintended consequences of Trump’s international trade policies. Drawing from a range of sources including empirical economic data, policy documents, and literature focused on trade theory, I contend that the policies employed during Trump’s presidency marked a pivot from decades of U.S. trade liberalization policies towards a nationalist approach. In his research, there are mixed economic results where certain industries reaped the rewards of protectionist policies while other industries faced mounting expenses. The conclusion reached is that Trump’s trade policies are indicative of a re-evaluation taking place worldwide concerning the unquestioned advantages of globalization, highlighting possible significant impacts on the global and U.S. framework for international trade and policy in the near future.

Keywords: Economic nationalism, globalization, tariffs, trade policy, Trump administration, USMCA, China