The High Geopolitical Costs of U.S. Economic Policies

U.S. President Joe Biden speaks with a Made in America poster displayed prominently in the background, highlighting his administration’s undertaking of industrial policy. U.S. President Joe Biden’s modern industrial and innovation strategy helped accelerate economic growth in the first half of 2023. As National Security Adviser Jake Sullivan detailed in May , Biden’s economic policies are based on the principles of a “new Washington consensus,” which aims to rebuild the middle class, mitigate climate change, lessen inequality, and strengthen supply-chain resilience. It also lays the foundation for responding economically to the challenge posed by China.

Although the Biden administration’s goals […]

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