What do we know? Part I

By Mahdi Amirisefat

 

US President Donald Trump has just officially announced steep tariffs on imported steel and aluminum, and has even hinted more tariffs on other imports, including automobiles from Europe, therefore indicating a revert to “autarky” style policies and what political economists have called “closure” and economic protectionism. Autarky is the state of total resistance to imports in the economic sector, creating a state of self-sufficiency and independence from other countries, and instead advocating and backing domestic production, regardless of the expenses it imposes on national economy and the livelihoods of citizens.

Protectionism usually entails high tariffs and the barring of imports through various other means, including tough import laws. Although the US is far from becoming an autarky, pursuing protectionist policies by a country that has always been an advocate of globalization, free trade, open markets…

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