It's official: U.S. switches to a societal economic model of protectionism

NYT Excerpt: "In the weeks since Trump took office, a flurry of new announcements by companies including iPhone maker Apple, South Korean carmaker Hyundai and drugmakers Johnson & Johnson and Eli Lilly signal that multinationals are gearing up to expand operations in the U.S. in response to Trump’s tariffs.

“Shifting things around is going to be quite complicated,” said Derrick Kam, Asia economist at Morgan Stanley. That process will be slow, expensive and challenging, he said.

Yet untangling the world’s supply chains and relocating to the U.S. in the way Trump wants is a daunting task, given the costs involved. There is also the risk that Trump will lower tariffs if he can use them to wring concessions on trade from other countries, executives say. Economists warn the world could face a growth-sapping investment crunch as companies sit on the sidelines until the trade-war fog clears.