Bill Poole, president of the St. Louis Federal Reserve Bank, said in a speech over the weekend that he is troubled  by the direction of U.S. trade policy.

After mentioning the breakdown in World Trade Organization talks, the expiration of U.S. fast-track negotiating authority, and various retaliatory measures against China, Poole told the Southern Governors Association:

Some U.S. legislative proposals seem to be based on a presumption that trade retaliation is an effective strategy; however, economic history suggests otherwise. Rather than passive compliance with trade restrictions, the targeted country tends to retaliate.

When such retaliation happens, Poole reminded the governors, U.S. exports suffer. And exporting companies tend to be the ones with the higher-productivity, higher-wage jobs that everyone wants. Poole concluded:

In our approaches to trade issues, we need to shift attention from protecting workers against imports to protecting exports. That will be the key to a more prosperous future.