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Tariffs, geopolitical conflicts and US reindustrialisation: a note

Author

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  • Guglielmo Forges Davanzati
  • Giovanni Scarano

Abstract

The note discusses the strategic foundations of the US’s new protectionism. Contrary to the argument that protectionism serves to curb deindustrialisation stemming from globalisation, the paper highlights that the reduction in the proportion of manufacturing output in US GDP ultimately depends on financialisation. From this perspective, tariffs can be seen as an attempt to discourage the international movement of capital, a key component of globalisation that directly supports financialisation.

Suggested Citation

  • Guglielmo Forges Davanzati & Giovanni Scarano, 2026. "Tariffs, geopolitical conflicts and US reindustrialisation: a note," Departmental Working Papers of Economics - University 'Roma Tre' 0295, Department of Economics - University Roma Tre.
    • Handle: RePEc:rtr:wpaper:0295
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    Keywords

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    JEL classification:

    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F10 - International Economics - - Trade - - - General
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts

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