The president says he’s fighting his trade war because a generation of free trade has failed working-class Americans. An economist explains why tariffs will only make things worse.
The Trump administration’s promise of $12 billion in aid to offset losses from retaliatory tariffs will not make up for the long-term consequences of a prolonged trade war.
Canada recently slapped a tariff on US exports of the tomato-based condiment, and the EU plans to do the same, perhaps on the notion that it’s distinctly American. In fact, ketchup’s origins are global, as are its fans.
The motorcycle maker angered Trump after it said it plans to move some production overseas to avoid EU tariffs – just a few months after the president praised the company for being a ‘true American icon.’
If the US were to stop dumping these valuable metals in landfills and to cease exporting them as cheap scrap, its imports could fall, and there would be less of these metals being made from scratch.
After the G7 fiasco, it’s clear that a trade war is in the making. US justifications of “national security concerns” for its tariffs suggest a legitimate target for EU countermeasures: coal.
International trade policy requires three traits to be successful and lead to mutual prosperity. Trump’s is missing all three, as he showed at the G-7 summit.
The underlying problem with Donald Trump’s tariffs on steel and aluminum isn’t Trump. It’s the increasing willingness by the U.S. to impose its will on its neighbours amid rising economic nationalism.
The Trump administration recently imposed tariffs of up to 25 percent on foreign steel and aluminum – including from the EU, Canada and Mexico, the three biggest markets for American goods.
From a public relations perspective, the Canadian government’s retaliatory tariffs against the U.S. are a win. But the tariffs on everything from mayo to orange juice will hurt Canadian consumers.
Donald Trump’s ‘Art of the Deal’ may be all about talking tough, bluffing and bullying, but as any poker player knows, there comes a time to call a bluff. If there ever was such a time, this is it.
In the second article in the Oxford-style debate series “The impact reflected by Trump is here to stay”, Prince C. Oguguo argues that Donald Trump’s impact will outlive his presidency.
We modelled a number of scenarios showing all increases in US or Chinese trade protection would cause international trade, and the global economy more generally, to shrink.