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The Next Frontier in American Industrial Policy: Saving the Steel Industry by Decarbonizing It

Excerpt:  “The era of supposed free trade—from the implementation of the North American Free Trade Agreement (NAFTA) to China’s accession to the World Trade Organization and multiple other examples during the late 20th and early 21st centuries—turned the U.S. industrial economy into a game of Jenga. Studs of wealth and opportunity have been ripped out of the middle and the bottom and then stacked on top. As with the game, however, such an arrangement is not only unbalanced; it also all inevitably falls apart. In the past few years, the United States has started to build a more solid foundation with better trade enforcement and the beginning of a concerted industrial policy. But to truly change the game in favor of stable economic growth and shared prosperity, the United States needs a comprehensive industrial strategy focused on domestic manufacturing that puts the United States at the forefront of the global economic transition and leaves American workers better off.”