With the return of Donald Trump to the White House, the foundations of Australian economic policy have become outdated. His approach, marked by executive orders and reliance on tariffs, threatens Australia's economy. Trump's unusually aggressive tariff strategies and withdrawal from international agreements challenge the traditional rules-based order. The current tension, particularly with China, adds to uncertainty, even though both sides exhibit some restraint. However, Trump’s erratic behavior raises concerns about potential significant economic repercussions if he escalates tariff policies or retaliates impulsively against perceived slights.
Trump’s surprising backdown in response to mostly symbolic concessions might reflect a belief that tariffs can be used repeatedly as a weapon.
Trump’s use of tariffs as a bludgeon poses a major threat to Australia’s economy and represents a departure from traditional economic policies.
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