Countries with larger populations tend to be less trade dependent because they have larger internal markets. The U.S. is one of the least trade dependent nations in the world.

Thread on how to define tariff success: Does domestic production increase faster than domestic consumption? Furceri et al (2019) found this may be easier for less advanced economies and during recessions. www.imf.org/en/Publicati...

Highly recommend this report--interesting throughout. Especially section 9, which provides data on how export controls with weak FDPR enforcement may have incentivized U.S. semiconductor manufacturing equipment firms to offshore manufacturing. www.csis.org/analysis/tru...

For most of post-WWII history the U.S. has advocated for trade liberalization. U.S.-China trade increased especially after China joined WTO in 2001.

Interesting article. The quote by @kclausing.bsky.social sounds right. Curious though what alternative unilateral measures the US should then focus on to decrease its trade deficit? The decrease in the fiscal deficit under Clinton had little effect because of other factors.

Correlation looks weaker using a longer timeframe that includes 2021.