Trump is waging a new kind of Cold War — and millions of jobs are on the front line
BusinessInsider, June 27, 2017
Donald Trump has all but reneged on his three most crucial campaign promises on trade.
The president passed on naming China a currency manipulator and has yet to pull out of the North American Free Trade Agreement or impose the aggressive tariffs on imported products from China and Mexico that he touted on the campaign trail.
However, that does not mean Trump’s protectionist rhetoric and the isolationist actions he has taken so far will not have a damaging effect on US trade relations and the economy.
The stealth nature of Trump’s free-trade rollbacks makes them potentially more pernicious, since they could lead to a slow erosion of America’s competitive advantage and, with it, the job market.
The Trump administration has been taking targeted steps in various industries, including steel and agriculture, to pick fights with trading partners that may have damaging long-run effects.
On steel, Trump has cited national-security concerns to launch a widespread review that could lead to new rounds of tariffs and trade disputes.
«The Trump administration has quickly adopted an aggressive and antagonistic approach to using US trade laws as a protectionist tool,» Chad Bown, a former White House trade economist and a senior fellow at the Peterson Institute for International Economics, said in a new study.
«The effect on trade relations may not be as immediately disruptive as if Trump had followed through on campaign threats to pull the United States out of NAFTA or impose 45% tariffs on China,» Bown writes. «However, the escalating trade barriers and the means through which the Trump administration is motivating their use have the potential to severely weaken the rules-based trading system.»
During the campaign, Trump even threatened to pull out of the 164-member WTO, which the United States played a key role in developing over several decades. Now the approach is less an all-out trade war but rather a cold war of trade attrition that threatens to be equally damaging, and could led to severe job losses if implemented on an ongoing basis.
If fully implemented, Trump’s proposals on trade would provoke retaliation by US trading partners, unleashing a trade war that would send the US economy into recession and cost millions of Americans their jobs.
The European Central Bank took the rare step of rebuking another sovereign state’s leadership, arguing the Trump administration presents a key risk to the world economy. «Since the U.S. election, pressures for more inward-looking policies have risen,» the ECB said. «In particular, there is significant policy uncertainty surrounding the intentions of the new U.S. administration regarding fiscal and, especially, trade policies, the latter entailing potentially significant negative effects on the global economy.»
Здешние политиканы, «эксперты», подконтрольные ЦРУ СМ»И» нахваливают псевдодемократическую Америку.
Те, кто любит «наших американских партнеров», «забывают» о грязных, злых уродах США. О таких монстрах, как коварный и крайне опасный мошенник, расист, лжец, неофашист и убийца Дональд Трамп. И о таких, как порочный Конгресс, кровавые милитаристы США, нацистские ФБР — ЦРУ, лживые американские СМ”И”…
Арнольд Локшин, политэмигрант из США