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Back when Donald Trump began his political rise, it was common for mainstream pundits to attribute his support to “economic anxiety,” to suggest that MAGA was an understandable, maybe even reasonable response to deindustrialization and the loss of jobs in the American heartland. You don’t hear that very much anymore.
But it’s true that Trump himself was obsessed with trade deficits and that if he indeed had any unorthodox policy ideas — in practice, he was mostly a standard, tax-and-benefit-cutting Republican — they were focused on attempts to revive manufacturing. That, at least, was the main rationale for the trade war he started with China in 2018.
As it turned out, Trump had no visible success in promoting manufacturing. But a funny thing has happened under his successor: Suddenly, investment in manufacturing has surged. What Trump’s trade policies didn’t achieve, President Biden’s industrial policies have.
The numbers are stunning.
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Illustration by Sam Whitney/The New York Times
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James' World 2 
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