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US Protectionist Impulses In The Wake Of The Great Recession

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Executive Summary

This paper describes the history and current political and economic context for U.S. protectionism in the aftermath of the Great Recession. The authors describes how, despite the politics of a labor market crisis, protectionist impulses in the U.S. Congress have been constrained - in part by a rapidly improving U.S. external trade balance on the back of strong export performance. However, the section concludes that, with economic recovery unfolding more rapidly in America than in Europe or Japan, the U.S. external balance will likely deteriorate well before noteworthy improvement in the jobs picture. The risk of renewed protectionism may correspondingly escalate.

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