Publications: Stephen Ezell

Globalization 1.0 has failed, but protectionist autarky cannot be its replacement. Instead, it is past time to craft a new kind of globalization that advances U.S. interests in key industries and prevents China from becoming the dominant techno-economic power.

The administration should address concerns related to counterfeit products, discriminatory digital taxes, and investment controls for critical technologies with measures to protect American innovation while promoting fair, rules-based trade principles that benefit the U.S. economy and support U.S. technological leadership.

The administration should address mercantilist policies that systematically disadvantage American businesses and workers with corrective measures such as strategic enforcement actions, reciprocal tariffs, expanded trade agreements, and stronger digital trade protections.

The administration should address trade imbalances, discriminatory regulations, and digital trade restrictions imposed by China, India, and the European Union, among others. Targeted policy responses may include reciprocal tariffs, digital trade enforcement, fair pricing mechanisms, and strengthened trade agreements to ensure a level playing field for U.S. businesses.

As the Trump administration seeks to rebalance America’s trade relationships, it should focus the most attention on countries where U.S. industries face the worst trade distortions and imbalances, and where the greatest gains can be achieved for the U.S. economy. China, India, and the European Union top that list.

Recent policies permitting CMS price setting are hamstringing the U.S. biopharmaceutical industry, as they reduce incentives for pharmaceutical companies to invest in future drug R&D to create life-improving and life-saving medicines.

The Inflation Reduction Act (IRA) undermines innovation in small-molecule drugs by subjecting them to price controls after 9 years, whereas large-molecule drugs (biologics) are allowed 13 years of market pricing. Congress should pass the bipartisan EPIC Act to remedy this issue.

This collaborative project between ITIF and Chey Institute for Advanced Studies compares and contrasts the national innovation systems of five economies—the United States, Korea, China, Japan, and Taiwan—to determine how well they are positioned to support innovation in key foundational and emerging technologies.

The 1984 Hatch-Waxman Act revolutionized the U.S. pharmaceutical industry, successfully balancing the interests of pharmaceutical innovation and affordability by creating legal pathways for accelerated generic drug competition while extending patent protections and introducing data exclusivities that preserved incentives for novel pharmaceutical innovation.

Trump’s proposed 100 percent tariffs on Taiwanese chips would hike prices, hurt U.S. tech, help China, and alienate a key ally—without bringing jobs home.