“There is a great deal of ruin in a nation,” Adam Smith famously remarked. Donald Trump is currently putting that theory to the test. Pile on enough debt, create enough uncertainty around monetary policy, and throw up enough barriers to trade and at some point you will drive even the strongest economy into the ditch.
— Donald J. Trump March 2, 2018Let’s make the best case for what Trump is doing. Let’s look past his obsession with the bilateral trade balance, or his evident belief that it is some sort of national profit-and-loss statement — as if the trade deficit, the amount by which China’s exports to the United States exceed American exports to China, were anything but another name for the capital surplus, the amount that China lends to the United States in excess of what America lends to China.
The issues with China, of course, go well beyond tariffs. Nobody doubts that China puts up innumerable less formal barriers to imports and otherwise distorts trade and investment flows, notably by requiring foreign companies operating in the country to transfer technology to their Chinese competitors, among more overt forms of intellectual property theft.
Alas, that’s not how these things usually play out. Ask our own government, which retaliated to Trump’s tariffs on Canadian steel and aluminum with tariffs of its own. A year later, both sides’ tariffs are still in place. Indeed, the same tendency to inertia holds in reverse: promising to lower your tariffs if the other side lowers theirs, the principle underlying all international trade negotiations — the “cold” form of trade war.
The only way, they argue, to overcome the “public choice dilemma” — that the benefits of protection are concentrated, while the costs are diffuse, meaning the beneficiaries have every incentive to lobby for continued protection while those who pay for it typically do not even know they are paying — is to tie the government to an external constraint, in the form of a trade treaty.
Source: Financial Digest (financialdigest.net)
acoyne It might lead to more balanced trade between USA and China. We will see. China enjoys playing the rest of the world for fools. They already know what Trudeau is.
acoyne Trump is squandering an economy that took a decade to turn around. He’s like a bratty kid pulling every lever to see what it does.
Trump never read this or had anybody read it to him while he played with his presidential crayons
acoyne You'd have better luck explaining this to my dog than to DT.
Really neither does sitting here with our thumbs up our butts while China has our people held HOSTAGE ans sentencing them to DEATH!
War does not lead to peace. I'm listening...
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