Source: Adam Smith Institute
by Madsen Pirie
“The case that Trump is a latterday mercantilist is surprisingly strong. Mercantilism was never a tidy theory. It was a set of habits that involves treating trade as a contest, counting the surplus as the score, and letting the state steer commerce toward national power. On each count, Trump’s record fits. The mercantilists believed one nation’s gain was another’s loss. Trump speaks in exactly these terms. A trade deficit with a country means America is ‘losing’ to it, and a surplus means winning. Mainstream economists see a bilateral deficit as a mostly meaningless accounting result of millions of voluntary exchanges. Trump sees it as a scorecard.” (10/12/26)
https://www.adamsmith.org/blog/trump-the-modern-mercantilist