The Republicans’ McKinley Act even gave the US president power to use “reciprocal” import tariffs to force other countries to lower their barriers to American exports.
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Michael Stutchbury is editor-at-large. He is in his fourth decade of writing for and editing national newspapers. After nearly six years as editor of The Australian, he returned to the Financial Review as editor-in-chief (2011-2024). Email Michael at mstutchbury@afr.com
