Trump’s surprising victory in the Wisconsin presidential election exposes industrial policy’s severe boundaries. Insisting on jobs can benefit a candidate’s appeal to voters, but it falls short of guaranteeing electoral victories. Broader economic concerns, such as the pace of the recovery, may take precedence over policies aimed at specific sectors. The election also underscores the challenge of promoting industrial policy in a highly globalized economy, with manufacturing subject to complex global supply chains. Trump successfully tapped into voters’ dissatisfaction with economic globalization and their concerns about job losses, but the efficacy of his industrial policy remains an open question.