Column: The global economy is slipping toward recession — and Trump is making it worse

The world has often looked to the U.S. to lead the charge in confront economic crises. Trump doesn’t appear interested in assuming that leadership role, writes columnist @DoyleMcManus.

25.8.2019

The world has often looked to the U.S. to lead the charge in confront economic crises. Trump doesn’t appear interested in assuming that leadership role, writes columnist DoyleMcManus.

Trump goes to the G-7 after calling an ally 'nasty,' calling Jews 'disloyal,' and the chairman of the Federal Reserve an 'enemy.' The French president, who is hosting this weekend's summit, says they won't issue a final communique — so that Trump can't then renounce it, as he did last year. Buckle…

WASHINGTON — Warning flags are flying: The world economy is heading into a slowdown, and possibly a recession. Germany, normally the engine of Europe, has seen its growth rate fall below zero. Britain is steeling for a potentially chaotic exit from the European Union this fall. Trade wars are buffeting China, Japan and South Korea. U.S. growth has slowed, too — partly because of the same damaging trade battles . Before Donald Trump was president, leaders of the world’s biggest economies would react to those worrisome signals with a flurry of meetings and announcements. They’d promise to make their economic policies reinforce each other and reassure financial markets that someone was in charge. That’s what happened amid the financial crisis of 2008, and in earlier recessions and financial crises as well. But it’s not happening this time — and Trump is one of the reasons. Case in point: this weekend’s summit in Biarritz, France. Advertisement The G-7 was organized in 1975 for this kind of situation: joint action to head off a recession. (In that case, the recession was already underway.) Its members include the United States, Japan, Germany, Britain, France, Italy and Canada. A normal G-7 meeting produces a long, often boring declaration in which the leaders list everything they agreed on, beginning with efforts to bolster growth and resist trade protectionism. This year, there probably won’t be a joint communique for the first time since 1975. “It’s pointless,” French President Emmanuel Macron, the unlucky host, shrugged last week. After all, Trump disavowed the consensus statement last year. The main roadblock is trade — specifically, Trump’s decision to make punitive tariffs a central part of his economic strategy. He’s embroiled in a full-scale trade war with China, and he’s threatened to escalate the battle in Europe, with tariffs aimed at German automobiles and French wines. Advertisement On Friday, Trump and China fired tariffs at each other, sending stock markets plummeting. In a Twitter tirade, the president also “ordered” U.S. businesses to stop doing business with China although he has no legal authority to do so. On Sunday, the president plans to lecture the other G-7 leaders on why they should accede to his demands. It sounds more like a campaign stunt than a serious attempt to stave off a recession. Let’s get real: Economists say Trump’s tariff wars have made a recession more likely. They include his own appointee as chairman of the Federal Reserve, Jerome H. Powell , who said Friday that trade battles appear to be hurting U.S. manufacturing and capital spending. “Who is our bigger enemy, Jay Powell or Chairman Xi?” a furious Trump responded on Twitter, comparing his Fed chief to Chinese President Xi Jinping. Neither presumably enjoyed being labeled an “enemy.” But the obstacles to international action run deeper than the president’s trade policies. Trump believes that the United States, as the world’s most powerful country, is usually better off acting alone, seeking one-on-one deals with other nations. In his view, politics — like business — is a zero-sum game. Every encounter has a winner and loser. Other countries, including those who claim to be your allies, are generally plotting to steal you blind. “Our allies take advantage of us far greater than our enemies,” he recently declared. Advertisement That doesn’t leave much room for cooperative efforts. And it doesn’t engender confidence among smaller countries that the United States might look after their interest as well as its own. This isn’t only about the G-7. There are other ways major powers can work together to confront an economic crisis. Central banks and the International Monetary Fund can act, too. But in recent history, those efforts have worked only when the United States has stepped up to lead. No other country has the wherewithal. The European Union is too disunited, China too widely mistrusted. Trump doesn’t appear interested in assuming that leadership role — not, at least, when it means accommodating others who don’t always agree with his views. “In the last financial crisis, both George W. Bush and Barack Obama were able to persuade the rest of the world that everybody in the lifeboat should row in the same direction,” Stewart M. Patrick, a scholar at the Council on Foreign Relations, told me. “With Trump the message might be ‘Every man for himself.’” “You need a president who engenders confidence that he has the best interest of everyone in mind,” Patrick added. “Trump hasn’t done that.” If a recession arrives, international cooperation could — with luck — make it shorter and milder. But what happens if the United States no longer wants to lead in that effort? Under Trump, we may find out. Read more: Los Angeles Times

DoyleMcManus Trump doesn't have the stuff of leadership. Being a bully does not translate into leadership. DoyleMcManus Trump is a different person. DoyleMcManus Trump doesn't have the stuff of leadership. Being a bully does translate into leadership. DoyleMcManus Doyle. You’ve been consistently wrong for three fucking years on just about every issue regarding trump. The next few months are gonna be tough for you when Barr drops the hammer. BTW. Mueller prayer candles are still available on EBay.

DoyleMcManus Вот, когда поделим весь мир на сферы влияния, вот тогда и будем бороться с кризисами. DoyleMcManus Most likely because Trump is President of The United States of America. Not the world. When will you lefty ideologues ever retain that simple fact? The El Segundo Time & Bill Maher do have one thing in common, they would rather see Trump fail than America succeed. Morons...

DoyleMcManus '…to lead the charge in confront economic crises.' Diversity in grammar from the Los Angeles Times. Resist DoyleMcManus The European ruling class fears losing its grip on power. DoyleMcManus We freely elected a raving, infantile imbecille to be our leader. Whatever happens, we will deserve it.

DoyleMcManus One of many reasons why Americans voted against him🙄 DoyleMcManus Because he's not qualified for that role or to be President of the United States.

Column: Michelle Obama for president. The only one who can beat Trump?'A Michelle Obama-Donald Trump showdown would be glorious, even though it could get ugly,' writes columnist Steve Lopez. Yeah but we all LOVE ugly!! Isn’t that why you’re running these stories!! Who does the Times back at the DemocraticDebate2020 ? If Michelle is in it, it already got.... She has lived in the White House and understands everything that goes with it. She has no desire to return and you can’t blame her. Her family served our country, god bless them.

DoyleMcManus Obama had the worst economy since the great depression and never reached 3% in any of his 8 years. So DoyleMcManus should do a little more research and stop lying. DoyleMcManus DoyleMcManus He's not interested because Putin wasn't invited to the summit. DoyleMcManus No he just wanna make lots of money for himself and remain POTUS for life SpeakerPelosi SenSchumer RepAdamSchiff HouseDemocrats USATODAY nytimes maddow SRuhle WSJ CNN CBSNews NBCNews MSNBC CNBC TIME chicagotribune Forbes business Reuters VanityFair FT

At global summit, Trump facing limits of go-it-alone stanceBIARRITZ, France (AP) — President Donald Trump arrived Saturday in France for an international summit with the leaders of the globe's economic powers as he confronts the consequences of his... I bet they’re all looking forward to the rantings of a maniac Fake news Anyone who uses the term, 'growing more isolated', doesn't understand POTUS. If remaining 'one with our economic competitors' means acquiescing, he seeks isolation.

Trump team defends 2020 campaign manager's compensationPres. Trump's 2020 campaign team angrily disputes report in British tabloid that campaign chairman Brad Parscale is profiting excessively from his work for Trump. Of course he is, he’s another grifter. Anybody within trumps orbit is a con or a grifter. Nobody grifts King Grifter. so ? it's business😳

Trump this week: King of Israel, the chosen one, China trade warBecause prior to this week he was normal. Hes not very Presidential, which is embarrassing. Theres less drama on televised wrestling than Trump's one man show of complete jibberish and Twitter ranting He is an absolute embarrassment to the US. Republican, Democrat, and anything in between. It's beyond awful the mockery he is making of the office, our country and the great people in America.

Trump on China trade war: ‘I have second thoughts about everything’At a G-7 breakfast meeting with U.K. Prime Minister Boris Johnson, President Trump commented on the escalating trade war with China but added that he’s not concerned about market reaction to the tariffs. Trump: 'I don't even have first thoughts.' The man's a billionaire! What the hell dose MSNBC know about anything? You can't even tell the truth let alone run the country! Donald Trump is doing a great job so just sit down and shut up and let the man do his job! FAKE NEWS hates America. When will this Trump nightmare end !

Economic storm clouds hover over Trump and global leadersUnder the threatening clouds of a global economic slowdown, President Donald Trump is confronting the consequences of his preference to go it alone, with low expectations that the leaders of the richest democracies can make substantive progress on an array of issues at their summit in France. Ehhh, I see what you did there. :) 😘 JohnLBair1

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25 August 2019, Sunday News

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