US congress raises taxes...

...on China. Indeed, the Senate is about to impose tariffs on the goods imported from China (i.e. a tax on Chinese produce sold in the US.)

The economists typically oppose such restrictions on the free trade, since such restrictions result in domestic consumer having to pay higher prices. The question is however complicated, with many strong arguments for protectionism, nicely summarized in Chapter 9 of Greg Mankiw's economics textbook. The argument used here is "The jobs argument", as well as "The infant industry argument", as some of the economists pointed out that "losing manufacturing meant losing our [US] edge in innovation."

The preservation of the manufacturing has been a hot topic lately, due to the apparently quick surge from the recession by the countries with a strong manufacturing base, most notably Germany.

The emphasis on manufacturing explains why the higher tariffs have bi-partisan support: while it is usually the Democrats who favor higher taxes and oppose free trade/free market, it is the Republicans who are most concerned about the manufacturing and the workers employed in the private industry.

Lessons of history

Each generation believes that it lives through the greatest economic crisis and the greatest political upheavals in the history of the mankind. The young people feel so excited about rebelling against "the system" that they think it unnecessary to learn from the past... the past, however, contains many mistakes that could be evaded, if we did not ignore it:

Arab revolutions... of 1960-70s:
"In the days well before social media and 24/7 television, Gamal Abdel Nasser, a young Egyptian army officer, captivated the imagination of millions of Arabs, prompting displays of popular exhilaration that would withstand comparison with anything witnessed today. The Baath Party took power in Syria and Iraq, promising the restoration of dignity and championing freedom and modernity; a triumphant national liberation movement marched to victory in Algeria; a socialist republic was established in South Yemen; and the odd blend that was Muammar Qaddafi came to power in Libya.

At the time, many people were moved by the illegitimacy and inefficacy of state institutions; rampant corruption and inequitable distribution of wealth; the concentration of power in the hands of parasitic elites; revulsion with subservience to former and current colonial masters; and humiliation, epitomized above all by the Palestinian catastrophe and the inability to redress it. Slogans from that era celebrated independence, Arab unity, freedom, dignity, and socialism."

Historical precedents are not the only place to learn from - one can also benefit from the theoretical analyses by the prominent past revolutionaries - something that was ignored not only by the true revolutionaries in Egypt and Tunisia, but also by the seemingly educated and politically liberated Israelis protesting in Tel Aviv in August:
" Lenin’s theory was turned on its head. The Russian leader postulated that a victorious revolution required a structured and disciplined political party, robust leadership, and a clear program."