Krugman writes: "Are we going to have a full-blown trade war with China, and maybe the rest of the world? Nobody knows - because it all depends on the whims of one man. And Tariff Man is ignorant, volatile and delusional."
U.S. and Chinese flags. (photo: Reuters)
The Art of the Imaginary Deal
07 December 18
On trade, Trump is a rebel without a clue
re we going to have a full-blown trade war with China, and maybe the rest of the world? Nobody knows — because it all depends on the whims of one man. And Tariff Man is ignorant, volatile and delusional.
Why do I say that it’s all about one man? After all, after the 2016 U.S. election and the Brexit vote in Britain, there was a lot of talk about a broad popular backlash against globalization. Over the past two years, however, it has become clear that this backlash was both smaller and shallower than advertised.
Where, after all, is the major constituency supporting Donald Trump’s tariffs and threats to exit international agreements? Big business hates the prospect of a trade war, and stocks plunge whenever that prospect becomes more likely. Labor hasn’t rallied behind Trumpist protectionism either.
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