Donald Trump, the former President of the U.S., shook the world trade system by imposing a significantly high rate of tariffs (up to 25%) on most of the Chinese imports in 2018 and high tariffs on U.S. imports of steel (25%) and aluminum (10%). Based on the empirical analysis conducted in our...

"Free-market economists often have noted that there are winners and losers in a competitive capitalist world. The question of how to deal with the difficult real-life consequences faced by the losers, however, has largely been ignored. Populist politicians have tried repeatedly to address the...