Using an obscure law to make economic policy a matter of national security during peacetime (or relative peacetime) is a profound shift in how the U.S. interacts with the global economy, and while it might lead to boosts in certain industries at home, it won’t put a dent in the underlying problem of low prices caused by global oversupply. Even so, it gives Trump significant powers over two major industries, and if it proves to be a successful template, the administration may seek even more wide-ranging powers. Beijing is no doubt alarmed – but so are Ankara, Ottawa and Brussels.

posted 2250 days ago