There's an interesting point worth considering about industrial policy. Derek Guy highlights how countries like Italy, France, and Japan have successfully implemented strategies to strengthen domestic production capacity. The question becomes: should the US adopt a similar approach?

These nations have built robust frameworks that prioritize local manufacturing and supply chain resilience. Whether through targeted investments, trade policies, or sector-specific support, they've managed to maintain competitive advantages in key industries.

The broader implication? When major economies shift toward protectionist or domestic-focused strategies, it reshapes global trade dynamics, currency movements, and capital flows—factors that matter for anyone tracking international markets. A potential US policy pivot in this direction could have ripple effects across multiple asset classes and geopolitical relationships.