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The Dangerous Retreat into Protectionism

The latest round of US tariffs is part of an increasingly disturbing and dangerous trend. Step by step, major powers are unraveling an international economic order that delivered enormous, unprecedented gains over many decades through trade integration and globalization.

STOCKHOLM – Trade barriers, tariffs, and other protectionist tools are starting to feature more prominently around the world, often appearing under the heading of economic security. The recent decision by President Joe Biden’s administration to quadruple US tariffs on Chinese electric vehicles to 100% – as well as doubling the tariff on solar cells (to 50%) and more than tripling the tariff on lithium-ion EV batteries (to 25%) – represents a momentous new step in this direction.