16 July, 2025

A brief history of US protectionism and global trade

Summary

Earlier this year, massive trade uncertainty caused extreme market volatility. Since then, concerns over economic costs, retaliations, and legal challenges have eased tensions.

Key points

Understanding the historical dynamics of trade and protectionism offers valuable insight into recent trends.
Analogies solely focusing on the 1930s trade wars provide an incomplete picture.
Since the 16^thcentury, global trade experienced four major expansion phases, fueling competition among powers, initially through trade wars, but ultimately leading to WWI.
The fiasco of tariff-wars during the Great Depression and US hegemony contributed to a broad cut in tariffs post-WWII.
Today, worsening trade imbalances and the return of a multipolar world are consistent with the resurgence of tariffs, amid growing geopolitical tensions.

Read the full article on the Amundi Research Center

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A brief history of US protectionism and global trade

Summary

Key points

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Read the full article on the Amundi Research Center

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