tarrifs

Since the 1990s and until 2025, the USA was the cornerstone of international free trade, framed by the establishment of the WTO (1995). From the 2000s, a rise in the twin deficits (fiscal and trade, see Graph 1) was observed, partly explained by the 2008 crisis, the growth of China, and the loss of competitiveness against it. The opening up of trade decentralised the US industry, due to the creation of global value chains, which relocated industries previously established in the USA to China, to become part of international manufacturing.