What’s funny is that Q1 per capita GDP growth in the U.S. was about 1.4% annualized (within the normal range) while Canada was only at 0.1%. Trump is the bull in the china shop but it’s not his China he’s breaking.
Much of the capex that was invested thanks to IRA and CHIPS subsidizes is starting to go operational and trade barriers enacted during both Trump 1 and the Biden admin remain in action, so it wasn't that surprising that much of the output that was unlocked from that era is continuing.
That said, tariffs and trade barriers did help. Heck, I'm a Dem but even I argued that we needed to build trade and non-trade barriers to protect capex that was unlocked via industrial policy.
Yep. That said, much of the stimulus and industrial support packages that were pushed thru in the Obama admin were thanks to the political cover Biden provided as Veep - he was Obama's senate whisperer.
That said, industrial policy has bipartisan support at this point now. As you know working DC BigLaw, professional networks are stronger than partisan biases.
That said, tariffs and trade barriers did help. Heck, I'm a Dem but even I argued that we needed to build trade and non-trade barriers to protect capex that was unlocked via industrial policy.