Free trade was gospel among U.S. policy makers and economists for decades. That's no longer the case.
A Wolfspeed silicon-carbide fabrication plant in Marcy, N.Y., produces material in demand by electric-car makers. The Biden administration is pushing domestic chip production with billions of dollars in subsidies in the Chips act passed this year.With the recent passage of thethat will shower $50 billion on the U.S. semiconductor industry while Washington embargoes exports of key chips to China, America is going back to its future.
In the 77 years since the end of World War II, both U.S. political parties, American economists, Wall Street and the Business Roundtable have preached free markets, free trade and globalization. Indeed, as counselor to the secretary of commerce in the Reagan administration, I was directed by the Secretary and the White House to negotiate a halt to “Japan’s unfair industrial policies and mercantilist trade practices” such as subsidization of its semiconductor industry.
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