The Financial Times had an interesting, and more optimistic, take on this a few months ago: Is US Industrial Policy Undergoing Japanification? - https://www.ft

The Financial Times had an interesting, and more optimistic, take on this a few months ago: Is US Industrial Policy Undergoing Japanification? - https://www.ft.com/content/5c2f8bd2-e586-435c-9a0c-2ec16552138d https://www.ft.com/content/5c2f8bd2-e586-435c-9a0c-2ec165521... (archive.today: https://archive.is/ZGTxl https://archive.is/ZGTxl ) The author makes the point that by adopting protectionism to subsidize new or ailing domestic industries that politicians and their voters or donors favor, the US is doing what it accused Japan of doing for many years. But he says there is a contrast: Japan was always looking for an economic advantage in its industrial policy, while the US approach is not mainly about creating/saving jobs but about resisting a particular rival and potential enemy, China, and is targeted to that end. The implication is despite the apparent irony of hypocrisy, the United States is not actually turning its back on free trade, forever or in every context.