The article discusses the impending declaration of a trade war by President Trump, characterized by significant tariffs on imports. Billboards from Canada highlight the impact on grocery bills, while Toyota's ad campaign emphasizes its American identity amidst the tensions. This trade aggression, reminiscent of the Smoot-Hawley tariffs of 1930, aims to retaliate against countries with higher tariffs on U.S. goods. Trump's repeated references to 'Liberation Day' underscore a broader strategy that may intensify economic isolationism. Observers recall the disastrous consequences of past protectionist policies, questioning the economic wisdom of the current approach.
"The skirmishes have already begun, but the official declaration of trade war is expected this Wednesday in the White House Rose Garden, in a solemn ceremony for what the U.S. president pompously calls Liberation Day."
"Trump had already said at a rally that November 5, the day of the presidential election, would be Liberation Day. Then, on his inauguration day, he proclaimed that for the American people, January 20, 2025, is Liberation Day."
"In theory, it is to punish countries that impose higher tariffs on the U.S. than those the U.S. imposes on them. In practice, Trump is merely targeting countries that sell more to the U.S. than they buy from it."
"The last time Washington embarked on a relatively comparable wave of protectionism was almost a century ago, with the Smoot-Hawley tariffs of 1930, and the result was disastrous."
Collection
[
|
...
]