ANALYSIS — President Donald Trump and top aides have signaled a major overhaul of the U.S. economy — one that would be backed by industry executives, and partly fueled by nostalgia and trade retaliation, as Democratic lawmakers warn economic hardship looms.
As the United States and Canada this week engaged in a tit for tat triggered by Trump’s 25 percent tariffs on most items produced by America’s northern neighbor, the president and his aides used words such as “rebuild,” “manufacturing superpower” and “re-industrialize” to describe his vision for the U.S. economy. The top White House spokesperson this week suggested Canada had been shifted from economic ally status to “competitor.”
The Biden administration made moves aimed at shifting the U.S. economy into new sectors, including artificial intelligence, electric vehicles, microchip production, climate-related industries, advanced medical research and others. While Trump in his second term has taken his own steps on AI and microchips, his administration appears to be looking backward as much as toward the future.
