Economic Nationalism: US Trade Policy VS. BREXIT

Ohio State Business Law Journal, 2020, Forthcoming

Ohio State Public Law Working Paper No. 502

26 Pages Posted: 10 Sep 2019

See all articles by Steve McCorriston

Steve McCorriston

University of Exeter Business School

Ian Sheldon

Ohio State University (OSU) - Department of Agricultural, Environmental & Development Economics

Date Written: September 9, 2019

Abstract

In 2016, both the election of President Trump and the UK’s vote to leave the European Union represented important shifts in the approach of both countries to their international trading relationships. In the case of the US, the Trump administration has sought to target tariffs against countries such as China, while the UK is seeking to exit a highly integrated market and assert its sovereignty. In this article, it is shown that both events were a response to the China import shock, which in turn led to a dramatic rise in populism resulting in a substantive shift in each country’s trade policy, each generating substantive actual and expected economic costs. However, the policy responses to populism are quite different: the US has chosen to be explicitly protectionist, a feature of economic nationalism, while the UK is not seeking to raise trade barriers as it adjusts its trading arrangements. Nonetheless, both countries are following a path of economic “dis-integration”, the US undermining its multilateral obligations under the WTO, the UK seeking to leave the European Union of which it has been a member since 1973.

Keywords: economic nationalism, trade policy, Brexit

Suggested Citation

McCorriston, Steve and Sheldon, Ian, Economic Nationalism: US Trade Policy VS. BREXIT (September 9, 2019). Ohio State Business Law Journal, 2020, Forthcoming; Ohio State Public Law Working Paper No. 502. Available at SSRN: https://ssrn.com/abstract=3450670 or http://dx.doi.org/10.2139/ssrn.3450670

Steve McCorriston

University of Exeter Business School ( email )

Streatham Court
Xfi Building, Rennes Dr.
Exeter, EX4 4JH
United Kingdom

Ian Sheldon (Contact Author)

Ohio State University (OSU) - Department of Agricultural, Environmental & Development Economics ( email )

234 Agricultural Administration Building
2120 Fyffe Road
Columbus, OH 43210-1067
United States
614-292-2194 (Phone)

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