Why America Will Lose Its Mercantilist Game

Under Donald Trump, the world has taken a sharp turn back toward the 17th century doctrine of mercantilism — the notion that trade is a zero-sum game in which countries should be self-sufficient and focus on exporting far more than they import.


It worked for Louis XIV and other early European empires, and the aim of America First is to reintroduce it with the US this time the victor.

The world has acquiesced in tipping the terms of trade sharply in favor of the US. So far, this looks like a crushing victory for America First. 

But it ignores one critical factor. There is already one country that has been practicing mercantilism for decades, it’s very good at it, and it appears to be a step ahead of the US as it starts to play the same game: China.

John Authers Bloomberg September 26, 2025

https://www.bloomberg.com/opinion/articles/2025-09-26/why-america-will-lose-its-mercantilist-game

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