The Sustainability of Trump's Trade Policies

Hyeok Ki Min () and Ji Hyun Kang ()
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Hyeok Ki Min: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr
Ji Hyun Kang: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr

No 18-13, Industrial Economic Review from Korea Institute for Industrial Economics and Trade

Abstract: The protectionist trade measures promulgated by U.S. President Donald Trump during his campaign for the presidency in late 2016 have gradually become a legal reality since his inauguration. The continued proliferation of these protectionist measures has been characterized as an irresponsible policy that ignores deleterious economic effects, while others describe them as a predictable result. If the Trump administration’s trade policy is little more than a set of arbitrary determinations made through an irrational decision-making process, as many experts propose, our capability to respond is very limited. On the other hand, if Trump’s trade policy is determined in a lucid way through a prepared process, we can form expectations of what effects such policies might have, and can prepare a systematically-devised response. This study recognizes Trump’s trade policy not as an irrational conviction but rather as something that has been carefully formulated, and aims to find ways to systematically respond to the continuing proliferation of protectionist trade measures. For this study, we will examine current trends in the proliferation of the U.S. government’s protectionist trade policy and its impact on the economy. This will show that there is a high level of concern about Trump’s trade policy within the U.S. itself.

Keywords: US trade policy; protectionism; free trade backsliding; Trump; global trade; economic security; economic nationalism; balance of payments; merchandise trade deficit; current account deficit; US; Korea (search for similar items in EconPapers)
JEL-codes: F13 F52 O51 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2018-08-31
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Persistent link: https://EconPapers.repec.org/RePEc:ris:kieter:2018_013

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