What Donald Trump clearly cannot see through the prism of his own warped ideology is that the US is so far behind in its trade imbalance with the world that no matter how many tariffs he imposes, the retaliation will only leave it deeper in the hole with a damaged economy. In short, he is risking kicking off a global trade war.
For trade, unlike Trump’s simplistic view, is not a zero-sum game. It’s not all about the dollars, it’s about jobs. All this flailing effort at rebalancing, imposed in an instant, could take decades to correct. Meanwhile, millions of jobs risk being lost. We may save a few hundred jobs in steel, and lose hundreds of thousands in automobiles, planes and industries critical to our survival. Read more