Protectionism Back Again

Now some American politicians are trying to pass protectionist legislation:

“By illegally subsidising its exports through the undervaluation of its currency by 30 per cent or more, China distorts the gains from trade, creates barriers to free and fair trade, harms US industries and has destroyed millions of US jobs,” those sponsoring the bill said in a statement.

I doubt this will be successful, but the risks of success increase as the world becomes increasingly protectionist.