Tariffs versus Subsidies: Protection versus Industrial Policy

Stephanie J. Rickard

World Trade Review, 2025, vol. 24, issue 4, 430-437

Abstract: In 2025, the United States raised tariffs to rates not seen for more than a century. These tariffs were not part of a carefully designed industrial strategy. Instead, the second Trump administration distanced itself from existing industrial policy initiatives and indicated a desire to roll back government-funded subsidies for businesses. This article examines the rationale behind the United States’ pivot from subsidies to tariffs and explores implications for trade partners and multilateral institutions.

Date: 2025
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