Reich writes: "Trade wars aren't winnable. Yet Trump is now threatening to slap tariffs on all $500 billion-plus of Chinese imports and also suggesting he'll devalue the dollar to boost American exports."
Robert Reich. (photo: unknown)
Trump Is Nuts. His Economic Advisors Are Bonkers.
22 July 18
rade wars aren’t winnable. Yet Trump is now threatening to slap tariffs on all $500 billion-plus of Chinese imports and also suggesting he’ll devalue the dollar to boost American exports.
Warning everyone: If and when worldwide investors take Trump seriously they’ll start dumping American assets. Inflation will spike, bonds will drop, and borrowing costs will soar. The U.S. economy could tank.
Meanwhile, China and other targets of Trump’s wrath are making free-trade deals among themselves, without the United States. Japan and the European Union signed a new pact this week. Other Asian nations are working on a separate agreement.
It’s bad enough Trump is selling out American democracy to Putin. He’s also selling out the American economy to the same half-brained economic nationalism that helped bring down the world's economy in 1930.
Watch your wallets.
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