Hence, he argues that it makes sense for the United States not to trade with countries with which it is running big trade deficits. U.S. steel workers found themselves losing jobs, and many of them saw their pensions evaporate into thin air. The United States has a “trade adjustment assistance” program for workers who have lost their jobs because of trade. Increased trade, in particular with China, has caused some regions to lose jobs and see reduced wages.The political effects are multifarious. After all, workers in the industrial Midwest have seen their local economies crater as a result of increased trade.

Source: Washington Post March 02, 2018 15:22 UTC