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This is CBS Eye on the World. Here's John Bachelors.

Gordon Chang at Gordon G. Chang, I'm John Bachelors, and I welcome Alan Tonson, our guru and leader on world trade, free trade, protectionism, all of the manufacturing success stories, and otherwise.

These last decades of prosperity.

The Economist magazine cited in a recent article at the Carnegie Endowment has very unhappy things to say about the US policy under the Biden administration, which surprisingly, given the politics, is an extension of the Trump administration with regard trade.

I read the salient quote, US trade policy worked, quote, to tear down the subsidies hurting American exporters and coming up global trade.

That was once upon a time for decades. Now says the Economist.

Rather than trying to get other countries to cut subsidies, the Biden administration's unabashed focus is on building a subsidy architecture of its own,

complete with the kinds of local content rules that American officials once railed against.

Alan, a very good evening to you. The Economist is unhappy. It's based on London, it's fair enough.

But are we a protectionist country now? Is that how we're regarded by our European friends? Good evening to you, Alan.

Hi, John, and hi, Gordon. And it certainly is how our European friends are claiming to regard us and certainly making a very big public relations stink over this.

Certainly one that's been great enough to convince the Economist that the US economy and the American political leadership are taking the nation and indeed the entire world down the road.

To tradition. But we need a little context here, first of all, this is not exactly a new stance for that magazine because it was literally founded in the mid 19th century, who convinced, to convince great Britain to adopt very doctrinaire free trade policies, which worked very well for great Britain for quite some time.

But we're not in the 19th century anymore, and the United States is not great Britain. And what the Economist keeps on ignoring is that the United States approaches the world economy with enormous advantages that no other country or even region like the European Union enjoys.

And that noitates again, if we're talking about US interests rather than global interests, that noitates for a much more what the Economist would call protectionist, what I would call economic nationalist US foreign trade policy.

Gordon, have a question for Alan.

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