Four years ago, the Trump administration came into office promising to bring back industrial jobs from Asia and revitalize America’s manufacturing foundation. He pledged to slash the country’s trade deficit with China by forcing it to buy more oil, food and industrial goods from the U.S.
But things haven’t worked out as planned. November 2020 was the busiest month in the history of the port of Los Angeles, with up to 20 container vessels being unloaded every day — mostly from China, which sent a record $52 billion of goods across the Pacific Ocean that month.
Trump trumpeted his anti-globalization credentials from the beginning of his administration to the end, promising to protect American industries from Chinese competition and defeat the “ideology of globalism.” But ultimately — and not surprisingly — it got the better of him.
Today’s world is beset by contradictory megatrends of the type just illustrated….