From the nation-building of Alexander Hamilton to the trade wars of
Donald Trump, trade policy has been a key instrument of American
power and wealth. The open trading system that the United States
sponsored after the Second World War serves US interests by
promoting cooperation and prosperity, but also allows the allies to
become more independent and China to rise. The case studies in
Trade and American Leadership examine how the value of preferential
trade programs is undercut by the multilateral liberalization that
the United States promoted for generations, and how trade sanctions
tend either to be too economically costly to impose or too modest
to matter. These problems are exacerbated by a domestic political
system in which the gains from trade are unevenly distributed,
power is fragmented, and strategies are easily undermined. Trade
and American Leadership places special emphasis on today's
challenges, and the rising danger of economic nationalism.
General
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