Swamp Notes: How protectionism got trendy
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 7 September 2024
⏱️ 14 minutes
🧾️ Download transcript
Summary
Democrats and Republicans have taken a protectionist turn on trade policy over the past few years. They say it’s to protect national security, but that argument doesn’t always hold up. Just look at this week’s announcement from vice-president Kamala Harris that she doesn’t support the purchase of US Steel by Japan’s Nippon Steel. The FT’s economics editor, Sam Fleming, and Washington bureau chief, James Politi, join this week’s Swamp Notes to explain why both parties are leaning into “Made in America”.
Mentioned in this podcast:
How national security has transformed economic policy
Joe Biden set to block Nippon Steel’s takeover of US Steel
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Swamp Notes is produced by Ethan Plotkin, Sonja Hutson, Lauren Fedor and Marc Filippino. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson.
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | Do you have questions about the 2024 election for our Swamp Notes panelists? |
| 0:14.6 | Well, here's your chance to ask them. |
| 0:17.2 | On September 12th, join Swamp Notes regulars like Peter Speeagle, |
| 0:20.9 | Lauren Feedor, and Rana Faruhr |
| 0:22.8 | for a live webinar. |
| 0:25.0 | Register now and you can submit questions ahead of time. |
| 0:28.0 | This event is for FT subscribers. |
| 0:30.7 | You can find more information in our show notes. |
| 0:33.0 | U.S. Steel was once the world's largest company. |
| 0:40.0 | It produced two-thirds of all American steel. |
| 0:45.8 | Today that number is under 10%. But when the Japanese steelmaker Nippon tried to |
| 0:52.4 | purchase and revive US steel to its former glory, |
| 0:56.0 | lawmakers on both sides of the aisle were like, eh, I don't know about that. |
| 1:05.0 | This is Swamp Notes, the weekly podcast from the F.T. News Briefing, where we talk about all of the things happening in the 2024 U.S. presidential election. |
| 1:14.6 | I'm Sonia Hudson. |
| 1:16.3 | And this week we're asking, how did protectionism get so trendy? |
| 1:20.8 | Here with me to discuss is Sam Fleming, he's the F.T's economics editor. Hi Sam. |
| 1:25.0 | Hi. Hi. And I've also got James Pallidi, the F.T. Washington Bureau Chief. |
| 1:30.0 | Hi James. Thanks, Anya. So Sam, I want to start with you because you wrote a big read this week and it |
| 1:36.6 | highlighted how national security concerns are being used as a justification for a more protectionist economic policy. |
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