The above is a direct quote. I wish it wasn’t. But it is. Such words should never come from a US president’s mouth.
Trade wars shouldn’t happen in the first place! Who gets hurt in these things? We The People do. Costs go up. It’s harder to do business.
Instead of raising trade barriers we should be doing a full on press to get the Chinese and others to pull any of theirs down. The US has made some effort in this direction in a half arsed way in the past but Trump could move the needle we think. However, he has decided to move the needle in the opposite direction which is unwise.
I like cheap goods. They add to the quality of life of my family. Sneakers now, for instance, cost half or less what they cost in real dollars when I was a kid. And they are of higher quality. Why? International trade. And there are literally millions of other examples where generally free trade has made our lives better in the USA.
We are all for really examining current US trade deals (called free trade but actually crony trade in many respects) very closely. We are even for getting rid of some of these deals altogether. But in the name of FREER trade, not more restrictive trade.
“It is a real worry because Europe is an open global economy so it isn’t just about U.S. versus China,” said Ian Ormiston, European equity fund manager at Old Mutual Global Investors.“And we will see retaliation there are no two ways about it.”
Trump believes the tariffs will protect American jobs but many economists say price increases for consumers of steel and aluminum, such as the auto and oil industries, will destroy more jobs than they create.
Home appliance maker Electrolux said it was delaying a $250 million expansion of its plant in the U.S. state of Tennessee as it was worried U.S. steel prices would rise and make manufacturing there less competitive.
Now multiply Electrolux’s decision out a few times across the country.