The Revolt against Free Trade and the Global Economy
Apr 9th, 2016 | By Dr. Jim EckmanWith the presidential campaigns of Bernie Sanders (Democrat) and Donald Trump (Republican), the specter of protectionism is raising its ugly head again. Both Sanders and Trump favor a wholehearted rejection of the Trans-Pacific Partnership (TPP), the Trans-Atlantic Trade and Investment Partnership and the Trade in Services Agreement, all of which the US negotiated with 11 Asian nations. Protectionism is a noun which characterizes a world of high tariffs (taxes on imported goods), the slowing of world trade and the subsequent contracting of the world economy. . . So why are Sanders and Trump against these trade initiatives? Why do they wish to return to a time of high protective tariffs and more difficult barriers to world trade?