Most nations practice some form of industrial planning, but globalization is now revealing its downside implications. National subsidies have not only wrecked the fundamentals in agriculture but in many other industries as well. The head of Maersk notes how government financing and other perks have caused an unsustainable imbalance in the supply of ships to demand. Capacity continues to grow too fast, resulting in shipping rates that fail to actual cover costs. The European Commission reportedly finds U.S. demands such as equal treatment in the trade of automobiles to be unacceptable for avoiding punitive tariffs on steel and aluminum. If raising U.S. tariffs is harmful to Americans, though, then failure to reduce tariffs in Europe and els...

TAGS – China, Europe, North America