
The immediate backdrop is a decade-long political realignment in North America driven by backlash to trade liberalization and concentrated consumption patterns: after the 2008 financial crisis (Lehman Brothers collapsed on Sept.
15, 2008) and large manufacturing job losses, voters increasingly punished traditional pro‑trade parties, culminating in the protectionist turn of the 2016 U.S. presidential election (Nov. 8, 2016) and the tariff campaign launched by the U.S. administration on March 22, 2018 (Section 301 tariffs on China).
President Donald Trump and Vice President JD Vance have embraced protectionist policies, with Vance breaking from Reagan-style free-market orthodoxy and favoring state power to achieve conservative goals. A July Argument poll found Democrats favorable to the Democratic Socialists of America more supportive of free trade than Republicans, illustrating a partisan switch on globalization.