Free trade

In 1962 Noble economist Milton Friedman made the case for free trade as the best and fastest path the prosperity. His arguments were sound an unassailable and stood the test of time. However certain countries began to use import taxes to protect their local industries and this opened the door for other measures to distort the market. China is the prime offender. They used currency manipulation, government subsidies and import taxes to benefit China at the expense of its trading partners. The trade deficit between China and the US started small at $6 billion in 1985 and grew to $370 billion in 2023. When China was allowed into the WTO in 2002 they agreed to follow the rules of the organization but they quickly ignored those rules. The result is they had spectacular growth for more than 40 years and became the manufacturers of the world. When Trump ran for office in 2015 he pointed out the ways in which China was breaking the rules and promised to place import taxes on China if elected. In August of 2019 Trump imposed a 10% tariff on $300 billion of Chinese imports. Biden roundly criticized Trump for these tariffs but he later kept them and added to them. This was in line with Trumps MAGA and Biden's America First plans. Trump spearheaded the reshoring of American industry which is now in full swing and getting stronger. This will result in a rapid expansion of US industrial growth bringing with it many good paying manufacturing jobs.