{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,18]],"date-time":"2026-10-18T05:36:43Z","timestamp":1792301803226,"version":"4.4.0"},"reference-count":88,"publisher":"Public Library of Science (PLoS)","issue":"1","license":[{"start":{"date-parts":[[2025,1,24]],"date-time":"2025-01-24T00:00:00Z","timestamp":1737676800000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":["www.plosone.org"],"crossmark-restriction":false},"short-container-title":["PLoS ONE"],"abstract":"<jats:p>In March 2018, U.S. President Trump announced that the U.S. would start imposing tariffs on steel and aluminum imports from most exporting countries around the world. This study explores the impact of introducing these tariffs on the equity return of U.S. defense companies. As the defense industry stands among the largest metal consumers in the U.S., it is expected that these import restrictions have deteriorated the business performance of the U.S. defense industry. For this study, a novel trade uncertainty indicator has been constructed that is based on the key events related to the invocation of Section 232 of the Trade Expansion Act. This section empowers the President to impose trade restrictions when the quantity of imports threatens to impair national security. My empirical analysis reveals that investors perceived the introduction of the steel and aluminum tariffs as detrimental to U.S. defense companies. The negative abnormal stock returns in the days around several key tariff-related events evidence this. Already in the period before the Department of Commerce released the findings of its investigation, investors were speculating on the possible introduction of trade barriers. However, the height of the imposed tariff exceeded their expectations since the negative sentiment was further reinforced after the official announcement of the tariff by President Trump.<\/jats:p>","DOI":"10.1371\/journal.pone.0313204","type":"journal-article","created":{"date-parts":[[2025,1,24]],"date-time":"2025-01-24T18:37:37Z","timestamp":1737743857000},"page":"e0313204","update-policy":"https:\/\/doi.org\/10.1371\/journal.pone.corrections_policy","source":"Crossref","is-referenced-by-count":10,"title":["Trump tariffs and the U.S. defense industry"],"prefix":"10.1371","volume":"20","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-4424-669X","authenticated-orcid":true,"given":"Jeroen","family":"Klomp","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"340","published-online":{"date-parts":[[2025,1,24]]},"reference":[{"key":"pone.0313204.ref001","volume-title":"Trends in international arms transfers 2023.","author":"SIPRI","year":"2024"},{"key":"pone.0313204.ref002","doi-asserted-by":"crossref","first-page":"7","DOI":"10.4324\/9780429466793-2","article-title":"The United States and its defense industries","author":"J. Amara","year":"2019","journal-title":"In The Economics of the Global Defence Industry"},{"key":"pone.0313204.ref003","author":"National Research Council","year":"2008","journal-title":"Managing materials for a twenty-first century military"},{"key":"pone.0313204.ref004","doi-asserted-by":"crossref","DOI":"10.4324\/9781315099057","volume-title":"Politics vs. economics in world steel trade","author":"K. Jones","year":"2017"},{"key":"pone.0313204.ref005","doi-asserted-by":"crossref","unstructured":"McGee, R. W. Trade Policy as Corporate Welfare: The Case of the U.S. Steel Industry. 2003. In Conference of The International Academy of Business Disciplines.","DOI":"10.2139\/ssrn.410817"},{"issue":"2","key":"pone.0313204.ref006","doi-asserted-by":"crossref","first-page":"262","DOI":"10.1111\/aepr.12226","article-title":"trade policy in the Trump administration","volume":"13","author":"M. U.S. Noland","year":"2018","journal-title":"Asian Economic Policy Review"},{"key":"pone.0313204.ref007","volume-title":"Annual Statistical Report 2006","author":"American Iron and Steel Institute","year":"2007a"},{"key":"pone.0313204.ref008","article-title":"U.S. steel industry analysis: Importance of domestically produced steel to overall national defense objectives and economic and military security.","author":"American Iron and Steel Institute","year":"2007"},{"key":"pone.0313204.ref009","unstructured":"Bureau of Industry and Security. Section 232 National Security Investigation of Steel Imports Information on the Exclusion Process. https:\/\/www.bis.doc.gov\/index.php\/232-steel."},{"key":"pone.0313204.ref010","article-title":"Protectionism or National Security?","author":"S. Lincicome","year":"2021","journal-title":"The Use and Abuse of Section 232"},{"issue":"2","key":"pone.0313204.ref011","doi-asserted-by":"crossref","first-page":"133","DOI":"10.1080\/01495938808402738","article-title":"Trade vs. national security: Section 232 cases","volume":"7","author":"R. Levine","year":"1988","journal-title":"Comparative Strategy"},{"key":"pone.0313204.ref012","article-title":"Quantifying the impacts of the U.S. Section 232 steel and aluminum tariffs.","author":"D. Ciuriak","year":"2018","journal-title":"C.D. Howe Institute Working Paper"},{"issue":"2","key":"pone.0313204.ref013","doi-asserted-by":"crossref","first-page":"282","DOI":"10.11130\/jei.2020.35.2.282","article-title":"What Trump\u2019s China Tariffs Have Cost US Companies?","volume":"35","author":"R. Selmi","year":"2020","journal-title":"Journal of Economic Integration"},{"key":"pone.0313204.ref014","doi-asserted-by":"crossref","first-page":"351","DOI":"10.14330\/cwr.2018.4.2.07","article-title":"Trump\u2019s Tariff Wars and National Security: A Political and Historical Perspective.","volume":"2","author":"S. Malawer","year":"2018","journal-title":"China & WTO review;"},{"key":"pone.0313204.ref015","article-title":"Non-economic objectives, globalisation and multilateral trade cooperation","author":"B. M. Hoekman","year":"2023","journal-title":"Centre for Economic Policy Research Press"},{"key":"pone.0313204.ref016","article-title":"The Impact of Export Controls on International Trade: Evidence from the Japan-Korea Trade Dispute in the Semiconductor Industry","author":"R. Makioka","year":"2023","journal-title":"RIETI"},{"key":"pone.0313204.ref017","article-title":"The Trade Effects of the US Export Control Regulations","volume":"911","author":"K. Hayakawa","year":"2024","journal-title":"IDE Discussion Paper"},{"key":"pone.0313204.ref018","doi-asserted-by":"crossref","first-page":"103256","DOI":"10.1016\/j.frl.2022.103256","article-title":"The impact of relaxing technology export regulations on corporate innovation","volume":"50","author":"H. Li","year":"2022","journal-title":"Finance Research Letters."},{"key":"pone.0313204.ref019","article-title":"Sizing up the effects of technological decoupling","author":"D. A. Cerdeiro","year":"2021","journal-title":"International Monetary Fund."},{"issue":"4","key":"pone.0313204.ref020","doi-asserted-by":"crossref","first-page":"1289","DOI":"10.1016\/j.jce.2023.06.008","article-title":"Geopolitical fragmentation and trade","volume":"51","author":"R. Campos","year":"2023","journal-title":"Journal of Comparative Economics"},{"key":"pone.0313204.ref021","article-title":"Deglobalisation in the context of United States-China decoupling.","author":"A. Garc\u00eda-Herrero","year":"2022","journal-title":"Bruegel"},{"issue":"2","key":"pone.0313204.ref022","doi-asserted-by":"crossref","first-page":"485","DOI":"10.2307\/1912002","article-title":"The price variability-volume relationship on speculative markets.","volume":"51","author":"G. E. Tauchen","year":"1983","journal-title":"Econometrica"},{"issue":"5","key":"pone.0313204.ref023","doi-asserted-by":"crossref","first-page":"867","DOI":"10.2307\/1913811","article-title":"An intertemporal capital asset pricing model.","volume":"41","author":"R. C. Merton","year":"1973","journal-title":"Econometrica"},{"issue":"1","key":"pone.0313204.ref024","doi-asserted-by":"crossref","first-page":"1","DOI":"10.2307\/2525569","article-title":"The adjustment of stock prices to new information","volume":"10","author":"E. F. Fama","year":"1969","journal-title":"International Economic Review"},{"issue":"3","key":"pone.0313204.ref025","doi-asserted-by":"crossref","first-page":"637","DOI":"10.1086\/260062","article-title":"The pricing of options and corporate liabilities","volume":"81","author":"F. Black","year":"1973","journal-title":"Journal of Political Economy"},{"issue":"2","key":"pone.0313204.ref026","doi-asserted-by":"crossref","first-page":"159","DOI":"10.2307\/2490232","article-title":"An empirical evaluation of accounting income numbers","volume":"6","author":"R. Ball","year":"1968","journal-title":"Journal of Accounting Research"},{"issue":"3","key":"pone.0313204.ref027","doi-asserted-by":"crossref","first-page":"330","DOI":"10.1017\/bap.2020.21","article-title":"Do targeted trade sanctions against Chinese technology companies affect US firms? Evidence from an event study.","volume":"23","author":"J. Allen","year":"2021","journal-title":"Business and Politics"},{"key":"pone.0313204.ref028","doi-asserted-by":"crossref","DOI":"10.1016\/j.jimonfin.2021.102492","article-title":"Trade policy uncertainty and stock returns","volume":"119","author":"M. Bianconi","year":"2021","journal-title":"Journal of International Money and Finance"},{"key":"pone.0313204.ref029","article-title":"Trade linkages and firm value: Evidence from the 2018 US-China trade war (No. 11).","author":"Y. Huang","year":"2018","journal-title":"Graduate Institute of International and Development Studies Working Paper"},{"key":"pone.0313204.ref030","article-title":"Using equity market reactions to infer exposure to trade liberalization.","author":"A. N. Greenland","year":"2020","journal-title":"Working paper w27510. National Bureau of Economic Research"},{"issue":"7","key":"pone.0313204.ref031","doi-asserted-by":"crossref","first-page":"579","DOI":"10.1080\/13504851.2020.1764477","article-title":"The impact of U.S.\u2013China trade war on Chinese firms: Evidence from stock market reactions","volume":"28","author":"X. Wang","year":"2021","journal-title":"Applied Economics Letters"},{"issue":"1","key":"pone.0313204.ref032","doi-asserted-by":"crossref","first-page":"487","DOI":"10.1007\/s00181-020-01979-0","article-title":"Dynamic network and own effects on abnormal returns: evidence from China\u2019s stock market","volume":"60","author":"P. H. Egger","year":"2021","journal-title":"Empirical Economics"},{"key":"pone.0313204.ref033","author":"S. T. Wengerek","year":"2021","journal-title":"Share price reactions to tariff imposition announcements in the Trump era\u2013An event study of the trade conflict"},{"issue":"4","key":"pone.0313204.ref034","doi-asserted-by":"crossref","first-page":"742","DOI":"10.1093\/rapstu\/raaa008","article-title":"The unprecedented stock market reaction to COVID-19.","volume":"10","author":"S. R. Baker","year":"2020","journal-title":"The Review of Asset Pricing Studies"},{"key":"pone.0313204.ref035","doi-asserted-by":"crossref","first-page":"100964","DOI":"10.1016\/j.jfs.2021.100964","article-title":"When bad news is good news: Geopolitical risk and the cross-section of emerging market stock returns","volume":"58","author":"A. Zaremba","year":"2022","journal-title":"Journal of Financial Stability"},{"issue":"5","key":"pone.0313204.ref036","doi-asserted-by":"crossref","first-page":"548","DOI":"10.1080\/10242694.2020.1824363","volume":"33","author":"J. Klomp","year":"2022","journal-title":"Killing the deal. Defence and Peace Economics"},{"issue":"1","key":"pone.0313204.ref037","doi-asserted-by":"crossref","first-page":"14","DOI":"10.1016\/j.rfe.2007.02.001","article-title":"What drives the market value of firms in the defense industry?","volume":"17","author":"G. Capelle-Blancard","year":"2008","journal-title":"Review of Financial Economics"},{"key":"pone.0313204.ref038","doi-asserted-by":"crossref","first-page":"102327","DOI":"10.1016\/j.irfa.2022.102327","article-title":"Geopolitical risk and the returns and volatility of global defense companies: A new race to arms?","volume":"83","author":"Z. Zhang","year":"2022","journal-title":"International Review of Financial Analysis."},{"key":"pone.0313204.ref039","author":"Global Steel Trade Monitor","year":"2018","journal-title":"Steel Imports Report: United States"},{"issue":"2","key":"pone.0313204.ref040","doi-asserted-by":"crossref","first-page":"344","DOI":"10.1057\/s41267-022-00534-6","article-title":"Event studies in international finance research","volume":"54","author":"S. El Ghoul","year":"2023","journal-title":"Journal of International Business Studies"},{"key":"pone.0313204.ref041","first-page":"3","article-title":"Econometrics of event studies.","author":"S. P. Kothari","year":"2007","journal-title":"Handbook of Empirical Corporate Finance"},{"issue":"1","key":"pone.0313204.ref042","doi-asserted-by":"crossref","first-page":"58","DOI":"10.1057\/be.2012.34","article-title":"Using event studies to assess the impact of unexpected events","volume":"48","author":"J. V. Koch","year":"2013","journal-title":"Business Economics"},{"key":"pone.0313204.ref043","first-page":"241","article-title":"The\" National Security\" of Nations: President Trump\u2019s Pretextual Tariff Rationale and How to Overcome It.","volume":"3","author":"J. Ely","year":"2019","journal-title":"2019; International Comparative, Policy & Ethics Law Review,"},{"issue":"3","key":"pone.0313204.ref044","doi-asserted-by":"crossref","first-page":"1","DOI":"10.2202\/1469-3569.1257","article-title":"Reluctance to lead: US trade policy in flux.","volume":"11","author":"V. Aggarwal","year":"2009","journal-title":"Business and Politics"},{"key":"pone.0313204.ref045","author":"American Iron and Steel Institute","year":"1976","journal-title":"Annual Statistical Report 1975."},{"key":"pone.0313204.ref046","article-title":"Trump\u2019s trade war timeline: An up-to-date guide","author":"C. P. Brown","year":"2022","journal-title":"Peterson Institute for International Economics"},{"key":"pone.0313204.ref047","author":"Reuters","year":"2020","journal-title":"Timeline: Key dates in the U.S.-China trade war"},{"key":"pone.0313204.ref048","doi-asserted-by":"crossref","first-page":"2741","DOI":"10.1111\/twec.13556","article-title":"Steel, security and the WTO Dispute Settlement Mechanism: A trade catastrophe in the making.","volume":"47","author":"K. A. Reinert","year":"2024","journal-title":"The World Economy"},{"key":"pone.0313204.ref049","article-title":"Trump administration summons \u2018national security\u2019 to justify tariffs.","author":"S. Globerman","year":"2018","journal-title":"Fraser Institute"},{"issue":"3","key":"pone.0313204.ref050","doi-asserted-by":"crossref","first-page":"411","DOI":"10.1111\/1467-8462.12295","article-title":"The economic consequences of Mr","volume":"51","author":"M. Corden","year":"2018","journal-title":"Trump. Australian Economic Review"},{"issue":"4","key":"pone.0313204.ref051","doi-asserted-by":"crossref","first-page":"988","DOI":"10.1257\/aer.20211519","article-title":"When tariffs disrupt global supply chains.","volume":"114","author":"G. M. Grossman","year":"2024","journal-title":"American Economic Review"},{"key":"pone.0313204.ref052","article-title":"Critical minerals and US public policy","volume":"28","author":"M. Humphries","year":"2019","journal-title":"Congressional Research Service"},{"key":"pone.0313204.ref053","author":"OECD","year":"2018","journal-title":"Shipbuilding workshop 2018."},{"issue":"4","key":"pone.0313204.ref054","doi-asserted-by":"crossref","first-page":"187","DOI":"10.1257\/jep.33.4.187","article-title":"The impact of the 2018 tariffs on prices and welfare","volume":"33","author":"M. Amiti","year":"2019","journal-title":"Journal of Economic Perspectives"},{"key":"pone.0313204.ref055","unstructured":"IHS Markit. https:\/\/ihsmarkit.com\/index.html. 2020."},{"key":"pone.0313204.ref056","doi-asserted-by":"crossref","first-page":"399","DOI":"10.1016\/S1574-0013(05)80016-X","article-title":"The defense industrial base","author":"J. P. Dunne","year":"1995","journal-title":"Handbook of defense economics"},{"key":"pone.0313204.ref057","author":"Standard & Poor\u2019s.","year":"2021","journal-title":"Steel spreads analysis: US-China HRC price difference hits historic high"},{"key":"pone.0313204.ref058","unstructured":"Suh, C., & Spaner, M. Supply chain vulnerabilities of the US defense industrial base. In Proceedings of the International Annual Conference of the American Society for Engineering Management. 2022; 1\u201311; American Society for Engineering Management (ASEM)."},{"issue":"3","key":"pone.0313204.ref059","doi-asserted-by":"crossref","first-page":"5","DOI":"10.1162\/016228899560220","article-title":"Restructuring the US defense industry.","volume":"24","author":"E. Gholz","year":"1999","journal-title":"International security."},{"issue":"1","key":"pone.0313204.ref060","doi-asserted-by":"crossref","first-page":"1","DOI":"10.2308\/ogna-50558","article-title":"Are Cost-Plus Defense Contracts (Justifiably) Out of Favor?.","volume":"2","author":"C. Wang","year":"2013","journal-title":"Journal of Governmental & Nonprofit Accounting."},{"key":"pone.0313204.ref061","doi-asserted-by":"crossref","first-page":"101753","DOI":"10.1016\/j.frl.2020.101753","article-title":"Trade policy uncertainty and its impact on the stock market-evidence from China-US trade conflict","volume":"40","author":"F. He","year":"2021","journal-title":"Finance Research Letters"},{"key":"pone.0313204.ref062","doi-asserted-by":"crossref","first-page":"38","DOI":"10.1016\/j.jmoneco.2019.11.002","article-title":"The economic effects of trade policy uncertainty","volume":"109","author":"D. Caldara","year":"2020","journal-title":"Journal of Monetary Economics"},{"issue":"2","key":"pone.0313204.ref063","doi-asserted-by":"crossref","first-page":"428","DOI":"10.1016\/j.jfineco.2018.06.013","article-title":"Company stock price reactions to the 2016 election shock: Trump, taxes, and trade.","volume":"130","author":"A. F. Wagner","year":"2018","journal-title":"Journal of Financial Economics"},{"issue":"1","key":"pone.0313204.ref064","doi-asserted-by":"crossref","first-page":"61","DOI":"10.1007\/s10368-015-0321-3","article-title":"The pro-Russian conflict and its impact on stock returns in Russia and the Ukraine","volume":"14","author":"M. Hoffmann","year":"2017","journal-title":"International Economics and Economic Policy"},{"issue":"2","key":"pone.0313204.ref065","doi-asserted-by":"crossref","first-page":"202","DOI":"10.1017\/bap.2020.11","article-title":"The Arab Spring and the International Defense Market.","volume":"23","author":"J. Klomp","year":"2021","journal-title":"Business and Politics"},{"key":"pone.0313204.ref066","article-title":"Consumer sentiment, the economy, and the news media. 2004","author":"M. Doms","year":"2004","journal-title":"FRB of San Francisco Working Paper"},{"key":"pone.0313204.ref067","article-title":"The SIPRI Top 100 arms-producing and military services companies.","author":"A. Fleurant","year":"2018","journal-title":"SIPRI, Stockholm"},{"issue":"1","key":"pone.0313204.ref068","doi-asserted-by":"crossref","first-page":"25","DOI":"10.1111\/j.1467-6419.1995.tb00109.x","article-title":"Event study methods and evidence on their performance","volume":"9","author":"S. Armitage","year":"1995","journal-title":"Journal of Economic Surveys"},{"issue":"1","key":"pone.0313204.ref069","doi-asserted-by":"crossref","first-page":"141","DOI":"10.1093\/aler\/4.1.141","article-title":"Event studies and the law: Part I: Technique and corporate litigation","volume":"4","author":"S. Bhagat","year":"2002","journal-title":"American Law and Economics Review"},{"issue":"1","key":"pone.0313204.ref070","first-page":"13","article-title":"Event studies in economics and finance","volume":"35","author":"A. C. MacKinlay","year":"1997","journal-title":"Journal of Economic Literature"},{"key":"pone.0313204.ref071","doi-asserted-by":"crossref","DOI":"10.1016\/j.najef.2021.101527","article-title":"The COVID-19 pandemic and sovereign bond risk","volume":"58","author":"A. M. Andries","year":"2021","journal-title":"The North American Journal of Economics and Finance"},{"issue":"9","key":"pone.0313204.ref072","doi-asserted-by":"crossref","first-page":"2276","DOI":"10.1111\/twec.12719","article-title":"trade wars in the twenty-first century with emerging countries: Make America and its partners lose again","volume":"41","author":"A. Bouet","year":"2018","journal-title":"The World Economy."},{"issue":"1","key":"pone.0313204.ref073","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1093\/qje\/qjz036","article-title":"The return to protectionism","volume":"135","author":"P. D. Fajgelbaum","year":"2020","journal-title":"The Quarterly Journal of Economics"},{"key":"pone.0313204.ref074","article-title":"The economic implications of rising protectionism: a euro area and global perspective.","volume":"3","author":"V. Gunnella","year":"2019","journal-title":"Economic Bulletin Articles."},{"key":"pone.0313204.ref075","doi-asserted-by":"crossref","DOI":"10.2139\/ssrn.3806560","article-title":"Identifying the heterogeneous impact of highly anticipated events: Evidence from the Tax Cuts and Jobs Act","author":"P. Borochin","year":"2021"},{"key":"pone.0313204.ref076","doi-asserted-by":"crossref","first-page":"102431","DOI":"10.1016\/j.ejpoleco.2023.102431","article-title":"Defending election victory by attacking company revenues: The impact of elections on the international defense industry","volume":"79","author":"J. Klomp","year":"2023","journal-title":"European Journal of Political Economy"},{"issue":"1","key":"pone.0313204.ref077","doi-asserted-by":"crossref","first-page":"55","DOI":"10.1080\/07474930008800459","article-title":"Bootstrap tests: How many bootstraps?.","volume":"19","author":"R. Davidson","year":"2000","journal-title":"Econometric Reviews."},{"issue":"1","key":"pone.0313204.ref078","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1080\/10430719408404776","article-title":"A model of the international arms market","volume":"5","author":"P. Levine","year":"1994","journal-title":"Defence and Peace Economics"},{"key":"pone.0313204.ref079","author":"KPMG","year":"2020","journal-title":"Military materials: Challenges and opportunities"},{"key":"pone.0313204.ref080","author":"U.S. Army Corps of Engineers","year":"2011","journal-title":"Illustrated equipment data: Reduced dimensions and weights for transportability of vehicles and outsized equipment"},{"issue":"1","key":"pone.0313204.ref081","doi-asserted-by":"crossref","first-page":"58","DOI":"10.1093\/wber\/lhz019","article-title":"Latent trade diversification and its relevance for macroeconomic stability","volume":"35","author":"D. Lederman","year":"2021","journal-title":"The World Bank Economic Review"},{"key":"pone.0313204.ref082","doi-asserted-by":"crossref","first-page":"103562","DOI":"10.1016\/j.jinteco.2021.103562","article-title":"Demand risk and diversification through international trade","volume":"135","author":"F. Esposito","year":"2022","journal-title":"Journal of International Economics"},{"issue":"3","key":"pone.0313204.ref083","doi-asserted-by":"crossref","first-page":"313","DOI":"10.1016\/S0167-7187(96)01057-0","article-title":"Firm size and the pattern of diversification","volume":"16","author":"B. Y. Aw","year":"1998","journal-title":"International Journal of Industrial Organization"},{"issue":"4","key":"pone.0313204.ref084","doi-asserted-by":"crossref","first-page":"805","DOI":"10.1016\/j.jpolmod.2021.02.009","article-title":"The US\u2013China trade war and Phase One agreement","volume":"43","author":"C. P. Bown","year":"2021","journal-title":"Journal of Policy Modeling"},{"key":"pone.0313204.ref085","article-title":"US consumer & economic impacts of US automotive trade policies","author":"M. Schultz","year":"2019","journal-title":"Center for Automotive Research,"},{"key":"pone.0313204.ref086","volume-title":"Trade briefing: Consumer impact of potential US Section 232 tariffs and quotas on imported automobiles & automotive parts.","author":"M. Schultz","year":"2018"},{"issue":"3","key":"pone.0313204.ref087","doi-asserted-by":"crossref","first-page":"515","DOI":"10.1016\/j.jpolmod.2018.03.006","article-title":"Trump and globalization","volume":"40","author":"J. E. Stiglitz","year":"2018","journal-title":"Journal of Policy Modeling"},{"key":"pone.0313204.ref088","doi-asserted-by":"crossref","DOI":"10.4324\/9780429466793","volume-title":"The economics of the global defence industry","author":"K. Hartley","year":"2019"}],"container-title":["PLOS ONE"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/dx.plos.org\/10.1371\/journal.pone.0313204","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,1,24]],"date-time":"2025-01-24T18:38:09Z","timestamp":1737743889000},"score":1,"resource":{"primary":{"URL":"https:\/\/dx.plos.org\/10.1371\/journal.pone.0313204"}},"subtitle":[],"editor":[{"given":"Wisarut","family":"Suwanprasert","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"editor"}]}],"short-title":[],"issued":{"date-parts":[[2025,1,24]]},"references-count":88,"journal-issue":{"issue":"1","published-online":{"date-parts":[[2025,1,24]]}},"URL":"https:\/\/doi.org\/10.1371\/journal.pone.0313204","relation":{},"ISSN":["1932-6203"],"issn-type":[{"value":"1932-6203","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,1,24]]}}}