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Economic Viewpoint

Has President Trump Learned the Right Economic Lessons from President McKinley?

March 5, 2025
Francis Généreux
Principal Economist

American protectionism is nothing new. President Trump’s trade policy is built on a long tradition. Some of the biggest advocates of high tariffs were Republican politicians of the late 19th century, including William McKinley, the 25th President of the United States. In fact, the current occupant of the White House called McKinley a “great president” yesterday. But is Trump right to be inspired by that period? And has he learned the right lessons from President McKinley’s time in office?

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