"Trade wars are good and easy to win." This statement of a superb presumption and an abysmal stupidity is Donald Trump's. He tweeted it yesterday morning.
It is quite obvious that some countries, like China, are taking advantage of the American market. But Trump indistinctly placed all countries in the same bag. As a result, world leaders are denouncing the United States. Even within the United States, many leaders denounce the trade war that Trump wants to undertake.
1 What is the president's plan?
The trade war in steel and aluminum would be just the first shot in the global trade war that Trump wants to launch. Three scenarios are on the table: 1) punitive tariffs for all; 2) punitive tariffs for all and even more for some countries; 3) quotas for all.
2 Are trade wars good and easy?
Already the presence of the word "war" in the expression should have aroused Trump's suspicions. You have to be particularly sick to assume that a war is a good thing, whether it's commercial or not. Then, to assert that a war is easy to win is the kind of bet that characterizes the ignorant.Remember that the United States has all the trouble in the world to punish economically a small country like North Korea. Russia, which since 2014 is hit by US and European economic sanctions, is doing rather well.
3 With which countries would Trump enter the trade war?
Trump would like to launch a trade war on steel and aluminum with, among others, Canada, Mexico, South Korea, Japan, Brazil, the European Union and China. It would thus enter a commercial war with 60% of the economic planet. Everywhere, the reactions are very hard. In particular, Jean-Claude Junker, the President of the European Commission, announced that he would develop retaliatory measures against the United States.
4 Why are trade wars dangerous?
Exaggerated protectionism is often seen as one of the main causes of the two world wars. Indeed, when markets are too closed, the great powers tend to invade through military conquests, if only to guarantee their supply of natural resources.In addition, globalization has led countries to specialize in areas where they perform better than others. A global trade war would call this specialization into question. Although this challenge may be justifiable in some cases, it would be destabilizing if it were global.
5 What would be the effects of a trade war for the United States?
The Americans would suffer a lot from a trade war, even if this war only affected steel and aluminum. All products made from steel or aluminum could be minted. For example, the Toyota company has just warned American consumers that their cars would cost much more in the event of a trade war.Countries hit by US surcharges could decide to stop buying American planes. American factories with high wages would close. In the end, the American economic landscape would change. The American economy would become less specialized and more general. She would probably be less powerful. But it would succeed in absorbing new American workers, largely from Latin American immigration. These are less educated than the workers of the previous generation. They therefore need less specialized jobs.
The trade war in steel and aluminum would be just the first shot in the global trade war that Trump wants to launch. Three scenarios are on the table: 1) punitive tariffs for all; 2) punitive tariffs for all and even more for some countries; 3) quotas for all.
2 Are trade wars good and easy?
Already the presence of the word "war" in the expression should have aroused Trump's suspicions. You have to be particularly sick to assume that a war is a good thing, whether it's commercial or not. Then, to assert that a war is easy to win is the kind of bet that characterizes the ignorant.Remember that the United States has all the trouble in the world to punish economically a small country like North Korea. Russia, which since 2014 is hit by US and European economic sanctions, is doing rather well.
3 With which countries would Trump enter the trade war?
Trump would like to launch a trade war on steel and aluminum with, among others, Canada, Mexico, South Korea, Japan, Brazil, the European Union and China. It would thus enter a commercial war with 60% of the economic planet. Everywhere, the reactions are very hard. In particular, Jean-Claude Junker, the President of the European Commission, announced that he would develop retaliatory measures against the United States.
4 Why are trade wars dangerous?
Exaggerated protectionism is often seen as one of the main causes of the two world wars. Indeed, when markets are too closed, the great powers tend to invade through military conquests, if only to guarantee their supply of natural resources.In addition, globalization has led countries to specialize in areas where they perform better than others. A global trade war would call this specialization into question. Although this challenge may be justifiable in some cases, it would be destabilizing if it were global.
5 What would be the effects of a trade war for the United States?
The Americans would suffer a lot from a trade war, even if this war only affected steel and aluminum. All products made from steel or aluminum could be minted. For example, the Toyota company has just warned American consumers that their cars would cost much more in the event of a trade war.Countries hit by US surcharges could decide to stop buying American planes. American factories with high wages would close. In the end, the American economic landscape would change. The American economy would become less specialized and more general. She would probably be less powerful. But it would succeed in absorbing new American workers, largely from Latin American immigration. These are less educated than the workers of the previous generation. They therefore need less specialized jobs.
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