Trump thinks he’s saving trade. The rest of the world thinks he’s blowing it up.Breaking News
tags: Trade, Trump, Trade wars
President Trump appears prepared to unravel 70 years of painstaking effort that the United States has led to build an international system of trade based on mutually accepted rules and principles.
Ever since an agreement on trade emerged in 1947 from the ashes of World War II, presidents of both parties have pushed this system as a way to strengthen alliances and promote the expansion of democracy and prosperity in Europe and Asia.
But with Trump’s decision last week to enact aluminum and steel tariffs against U.S. allies in Europe and North America, he is subverting previously agreed-upon trade pacts. The result is a brewing trade war with Canada, Mexico and Europe, which are expressing shock and bitter frustration while enacting tariffs of their own on a bevy of American products.
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