Multiple Challenges Are Inhibiting Trade GrowthJobs, National Security, and the Future of Trade

Industrial policy. A leading element is the rise of national policies designed to support domestic industry and job creation. Policies such as the United States’ Inflation Reduction Act (IRA), with its “Buy American” incentives, reflect governments prioritizing national interests over multilateral, rules-based organizations, such as the World Trade Organization. Similar policies can be seen in the European Union and other parts of the world.

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