Trump's beloved trade wars


Trump said that "trade wars are good, and easy to win", a statement that contrasts with the views of economists worldwide. 
Trump's rationale was centered on reducing trade deficits and protecting American industries. He imposed tariffs on goods from various countries, most notably China. Economists argue that this usually backfires, leading to much higher costs for both consumers and businesses.

According to the Peterson Institute for International Economics, tariffs imposed by Trump cost an estimated $1.4 billion more per month for American consumers. The retaliatory tariffs from other countries, such as China's tariffs on American soybeans and automobiles, significantly hurt American exporters.

Economists also point out that trade wars disrupt global supply chains, which are crucial for many industries. Tariffs on steel and aluminum increased costs for American manufacturers, leading to job losses in industries like automotive and construction.


Peterson Institute for International Economics, Brookings Institution, CNBC, Reuters, Harvard Business Review, Economic Policy Institute.

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