What Happens When Antitrust and Protectionism Cycles Collide

Since 1850, the U.S. has gone through cycles of protectionism and antitrust activity, but the two have never coincided —until now. The U.S. has shifted markedly towards protectionist policy, increasing tariffs over the past 18 months while simultaneously launching a series of antitrust investigations (into Big Tech and the auto industry, to name just two). Protectionist cycles usually last about a decade, while antitrust cycles extend further.