Biden is turning away from free trade and that’s a great thing

News Snapshot:

President Joe Biden is making a break with decades of free trade deals and embarking on an industrial policy designed to revive American manufacturing. This has caused consternation among free-traders, including some of my former colleagues from the Clinton and Obama administrations. For example, Lawrence Summers, the former treasury secretary, last month called the president’s thinking “increasingly dangerous” and expressed concern about what he termed “manufacturing-centered economic nationalism that is increasingly being put forth as a general principle to guide policy”. Well, this veteran of the Clinton administration – me – is delighted by what Biden is doing. Clinton and...