Sierra Club's Downward Spiral, Trump's Everything Tariff Strategy, and Some Good News
9 stories from the past week
This is the second edition of a new format I’m trying out. As I explained in the first edition, my plan is to share stories, charts, and interesting stuff I find while doing research for my longer stories.
With that, let’s get into today’s newsletter.
A three act story
Trump talks a lot about bringing manufacturing jobs and investment back to America. But he’s not very good at actually delivering on the promise.
During Trump’s first term, manufacturing construction investment grew by 5%. Under Biden, it grew by 279%—thanks to industrial policies like the CHIPS Act and Inflation Reduction Act (RIP). Since Trump took office again, manufacturing spending has been falling steadily.
